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Urals gains in northwest Europe.(Crude market)

FSU Energy

| January 16, 2004 | COPYRIGHT 2003 Argus Media Inc. (Hide copyright information)Copyright

* Crude continued to firm with worries about the threadbare state of US stocks exacerbated by cold weather in the US northeast. Dated BFO is close to $32/bl and Urals gained strongly against the benchmark in northwest Europe but slid in the Mediterranean,

* In the north, Urals gained 50 cents/bl against the benchmark over the week, buoyed by reduced loading programmes for competing North Sea grades. Urals' refining margins remain much better than those of North Sea grades.

* In the Mediterranean, Urals slid to close to a $2/bl discount, coming under pressure from recently released February official prices from Saudi Arabia, Iran and Iraq. Sub-50,000t Urals …

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