Rosneft tender at Malaya Purga results in price of 10,830-10,900 RUB/t
MOSCOW. Sept 27 (Interfax) - Rosneft's tender at the Malaya Purga pipeline metering station resulted in a price of 10,830-10,900 rubles per tonne, InfoTEK told Interfax, citing market sources.
However, the sale of oil for delivery in October on the Russian domestic market has not begun yet. Due to market and macroeconomic uncertainty, Rosneft's tender was postponed until September 26, with the deadline for bids at 1:00 p.m.
The spread in settlement prices, based on the quotes for futures and dated quotes, is about 1,000 rubles per tonne: 10,800-11,850 rubles per tonne for Samotlor and 11,150-12,330 rubles per tonne for Malaya Purga.
The price of 10,830-10,900 rubles per tonne at Malaya Purga therefore turns out to be lower than those calculated for futures. Meanwhile, TNK-BP's bid of 11,000 rubles per tonne at Samotlor, compared to these benchmarks, may turn out to be too high.
The uncertainty on the market is due primarily to the steep drop in world oil prices, which in turn reduces the settlement price for oil on the Russian domestic market by 2,000 per day, analyst said. In these circumstances, they said, time favors the buyer. However, major Russian exporters, expecting lower export figures next month compared to settlement prices on the domestic market, will try to make up the lost export revenue by increasing sales on the domestic market. Supply is expected to far outweigh demand.
InfoTEK also said the outlook for fuel oil after October 1 is currently putting the most downward pressure on crude prices.
Oil quotes as of August 26, 2011
| Oil by pipeline (netback to Primorsk) | Oil by pipeline (delivery in Russia ) | |||
| Delivery basis | Payment terms | Quote, RUB/t | Payment terms | Quote, RUB/t |
| Samotlor | 100% deferral 30 days | 11789 | 100% prepayment | - |
| Yuzhny Balyk | 100% deferral 30 days | 11911 | 100% prepayment | - |
| Almetyevsk | 100% deferral 30 days | 12386 | 100% prepayment | - |
| Malaya Purga | 100% deferral 30 days | 12240 | 100% prepayment | - |
| Ukhta | 100% deferral 30 days | 12233 | 100% prepayment | - |
| Usa | 100% deferral 30 days | 11984 | 100% prepayment | - |