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* Crumbling refining margins sparked demand for Russian straight-mn fuel oil as a feedstock, boosting prices. But gasoil prices sank further as demand failed to emerge in northwest Europe.
* Straight-run fuel oil supplies were tight in the Black Sea, causing the M-40 premium to surge to $13/t (see graph). But Baltic exports were heavier than in recent weeks. Around 350,000t left Tallinn, mostly straight-run, as sellers rushed to benefit from strong premiums. Gasoil-rich E-4 was snapped up by US traders to go transatlantic, Premiums surged to $26/t above cracked, equivalent to $131/t.
* A scarcity of cracked fuel oil buoyed M-1 00 …