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According to foreign media news, the spot price of Russian domestic crude oil in June rose by about 2,500 rubles per ton ($40.
3 per ton) from the previous month, following the strengthening of the Brent market and the weakening
of the ruble.
Brent crude began trading at around $76-79/b in June, compared to $74-$75/b
in May.
However, subsequently, the price of Brent crude oil fell, hurting the economics of refineries that bought crude oil at fixed prices, but favored refiners
that bought crude oil at formula pricing.
"This has had a negative impact on the economy, but Brent is trading higher
," said one trader.
Another person familiar with the matter said: "Those investors who buy on the basis of the formula will be better
off.
"
Russian refineries are increasingly moving away from the spot market (where crude oil changes hands at a fixed price) to formula-based crude oil purchases for processing, although some smaller refineries still buy up to 70% of their crude
oil on the spot market.
12Next View full article
According to foreign media news, the spot price of Russian domestic crude oil in June rose by about 2,500 rubles per ton ($40.
3 per ton) from the previous month, following the strengthening of the Brent market and the weakening
of the ruble.
Brent crude began trading at around $76-79/b in June, compared to $74-$75/b
in May.
However, subsequently, the price of Brent crude oil fell, hurting the economics of refineries that bought crude oil at fixed prices, but favored refiners
that bought crude oil at formula pricing.
"This has had a negative impact on the economy, but Brent is trading higher
," said one trader.
Another person familiar with the matter said: "Those investors who buy on the basis of the formula will be better
off.
"
Russian refineries are increasingly moving away from the spot market (where crude oil changes hands at a fixed price) to formula-based crude oil purchases for processing, although some smaller refineries still buy up to 70% of their crude
oil on the spot market.
12Next View full article
12Next View full article
