London (Platts)--26Jun2007

Global crude futures were weaker Tuesday as concerns over US refinery
glitches eased and gasoline futures consequently retreated from Monday's
rally, sources said.

     At 10:48 GMT, the August ICE Brent futures contract had fallen 42 cents
to $70.93/barrel and the August WTI contract on NYMEX and ICE both slipped 28
cents to $68.90/b.

     "The futures markets are drifting a little after a strong day on Monday,"
said a London-based broker. "People are waiting for a reason for it to go up
again--refinery snags in the US, geopolitical problems." On Monday gasoline
futures rallied initially on reports that ExxonMobil had shut a hydrocracker
at its 562,500 b/d Baytown, Texas, refinery and Valero Energy suffered a power
outage over the weekend at its Houston facility.

     This bullish sentiment was tempered by news that striking Nigerian
workers had gone back to work, but crude futures still finished up on the day.
     In products, July NYMEX heating oil and RBOB lost 1.21 cents and 2.00
cents to $2.0303/gallon and $2.2825/gallon, respectively. The July ICE gasoil
future was up $4.75/mt to $626.75/mt.

     In the Middle East futures market, the August Oman futures contract fell
37 cents to $66.98/b and the ICE Dubai contract traded at $66.74/b, down 46
cents.

--Paul Hailey, paul_hailey@platts.com