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Prices find fundamental support. (Products market).(oil prices)

FSU Energy

| August 23, 2002 | COPYRIGHT 2003 Argus Media Inc. (Hide copyright information)Copyright

* Product prices were firmer across the board. The steady march of crude futures drove the market initially, but this was backed by solid fundamentals, most notably on fuel oil. Disrupted exports from St Petersburg and improved Mediterranean demand helped consolidate the crude-driven gains.

*Good demand for high-sulphur cracked fuel oil barges in the Amsterdam-Rotterdam-Antwerp area continued to support prices for Russian cargoes. The blockage of fuel oil deliveries from inland refineries to the port of St Petersburg resulted in an unexpected shortage of product. Exports normally run at around 30,000 t/d, peaking during the late summer months. This helped consolidate …

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