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Prices gain on stocks worries.(Crude market)

FSU Energy

| October 17, 2003 | COPYRIGHT 2003 Argus Media Inc. (Hide copyright information)Copyright

* Crude prices firmed on worries about low US product inventories. Both WTI and dated BFO gained over $2/bl over the week to top $31/bl. But Urals eased against BFO in both the Mediterranean and northwest Europe.

* In the Mediterranean, several Urals cargoes remained available for October and the grade eased from recent strong levels, But news that Opec producers Saudi Arabia and Iran are dramatically cutting term supplies for November provided support. Traders awaited the result of a tender from Turkey for an 80,000t cargo of either Urals or Siberian Light for 25 October-5 November arrival to provide a clear indication of market direction.

* Urals is on …

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