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UPDATE 1-Finland's Neste Q3 operating profit misses forecast

(Adds quote, detail of losses)

OSLO, Oct 27 (Reuters) - Finnish refiner Neste on Thursday posted weaker-than-expected third-quarter operating results, and said it expected volatility in the oil products and renewable feedstock markets to remain high.

The maker of renewable and oil-based fuels reported a July-September operating profit of 289 million euros ($291.2 million), down from 579 million a year ago, lagging a 692 million euro forecast by nine analysts polled by Refinitiv.

Profits were hit by a 420 million euro loss stemming from an assessment of inventory values and a further 101 million euro from margin hedging on commodity prices and currencies, Neste said.

"The war in Ukraine continued to have a significant impact on international energy markets, leading to high albeit volatile oil product and natural gas prices in Europe," Chief Executive Matti Lehmus said in a statement. ($1 = 0.9924 euros) (Reporting by Terje Solsvik, editing by Stine Jacobsen)

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