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* The steep climb in outright prices that forced European refiners to cut runs finally came to an end. But positive refining margins are still only a few days old, and refiners are reluctant to increase runs again -- preferring to pull forward spring turnarounds.
* In northwest Europe, Urals lost $2.50/bl -- or 25 [cts.]/bl against underlying dated Brent, Around 200,000 b/d of extra oil from the Baltic ports has flooded the market at a time of low demand. First indications suggest there will be a similarly high number of March cargoes.
* Additional supplies also had an impact on the northern leg of the Druzhba pipeline. Discounts widened by 5-10 [cts.]/bl as …