November 12, 2002	Tuesday	Ramazan 6, 1423

LONDON, Nov 11: Global refinery margins were mostly stronger last week, as crude prices continued to fall, according to Reuters calculations.

Refiners saw healthy profits, building on October’s upturn, as crude prices have slumped from the highs that saw the worst refining margins for over a decade this year.

Plants cracking Brent crude in Rotterdam made $2.44 a barrel on average over the week, which compared to $1.84 in October and a meagre 43 cents in the last 365 days.

Rotterdam topping units made a hefty $1.83 profit over the week, up from the $1.12 for October. They made an average 65 cents loss in the last year.

Crude refiners sentiment has improved as Brent crude and US light crude prices fell to around $24 a barrel last week, with dealers doubting oil cartel Opec’s ability to stick to strict production curbs.

Prices had risen to around $30 a barrel on fears on war in the oil-rich Middle East, though European oil products markets have lagged behind, being depressed by ample supplies.

In the Mediterranean, refineries cracking Urals crude made a fairly steady $2 a barrel last week, although this was below the $2.24 for October.

Urals topping units made 57 cents a barrel, slightly below the previous week, but still much healthier than the eight cents loss over the past year.

US Gulf Coast refiners continued to see large profits. Those cracking Brent crude made a hefty $3.60 last week, up from $3.07 in October and $1 over the last 365 days.

Plants cracking US light crude also topped $3 a barrel profits, improving on October’s $2.32. They made just 39 cents a barrel in the last 365 days.

Singapore refiners also saw good profits. Those cracking Dubai crude made $2.88 a barrel last week, around $1 higher than in October.

Topping units made over a $1 a barrel, after falling into the red in late October.—Reuters