CRUDE OIL NETBACKS UP IN U.S., MEDITERRANEAN
Crude oil netback values in complex
refineries rose slightly in the U.S. and the Mediterranean 
last Friday from the previous week but were lower elsewhere,
according to calculations by Reuters Pipeline.
    The soft tone to refining margins reflects large worldwide
stocks of petroleum products and thin trading activity, traders
said.
    In the U.S. Gulf, sweet crudes rose in value by as much as
26 cts a barrel for West Texas Intermediate, an increase of 1.4
pct from the previous Friday, while sour crudes, such as
Alaska North Slope, were up one pct.
    In the Mediterranean, netback values were up 17 cts to 22
cts a barrel, with Arab Light up 17 cts a barrel to 18.62 dlrs,
a 0.9 pct increase from the previous Friday and Urals were up
22 cts a barrel to 19.16 dlrs, a 1.2 pct increase.
    But netbacks for crude oil refined in Northern Europe was
generally lower with Brent valued at 18.89 dlrs, off 30 cts
from the previous friday, and Bonny Light was off 17 cts to
19.58 dlrs a barrel.
    Refinery netbacks in Singapore were also lower, with
heavier and sour crudes weakest. Arab Heavy dropped 10 cts to
16.63 dlrs a barrel and Dubai was off 12 cts to 18.09 dlrs.
    On the U.S. West Coast, however, netback values for ANS CIF
L.A. were weaker with weak gasoline prices sending the yield at
cracking plants down 68 cts to 18.42 dlrs from the previous
Friday, as shown below in dlrs a barrel.
TOPPING.........15.63......16.10......14.30
CRACKING........18.42......19.10......16.86
    The Mediterranean region also showed netback values rising
last Friday over the previous week with the largest gains shown
by Es Sider and the heavier Urals crude oil, which were each up
22 cts a barrel last Friday to 19.40 dlrs and 19.16 dlrs a
barrel, respectively.
    Netback values for the mediterranean region are shown below
in dlrs a barrel.
GRADE...........MAR 27.....MAR 20.....FEB 27
ES SIDER........19.40......19.18......16.44
ARAB LIGHT......18.61......18.44......15.52
IRAN LT.........19.25......19.08......16.16
KUWAIT..........18.51......18.33......15.42
URALS cif.......19.16......18.94......16.07
    Netbacks in Northern Europe's refinery region were lower
last friday from the previous week with Brent falling 1.6 pct
to 18.89 dlrs a barrel.
     Netbacks for other grades of oil refined in Northern
Europe are shown below in dlrs a barrel.
................MAR 27.....MAR 20.....FEB 27
BRENT...........18.89......19.19......16.77
BONNY LIGHT.....19.58......19.75......17.15
ARAB LIGHT......18.49......18.52......16.07
URALS CIF.......19.02......18.98......16.54
    Refinery netbacks in Singapore were also lower with heavier
and sour crudes weakest.
    Arab Heavy dropped 10 cts to 16.63 dlrs a barrel and Dubai
was off 12 cts to 18.09 dlrs.
     Netbacks for other grades of oil refined in Singapore  are
shown below in dlrs a barrel.
GRADE...........MAR 27.....MAR 20.....FEB 27
ATTAKA..........19.23......19.24......16.72
ARAB LIGHT......18.00......18.10......15.55
OMAN............18.21......18.25......16.31
DUBAI...........18.09......18.21......15.86
ARAB HEAVY......16.63......16.73......14.24
 Reuter
