vk.com/id446425943 |
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20 June 2019 |
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Monthly pricing trends |
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Renaissance Capital |
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Russian Oil & Gas |
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Figure 111: Monthly pricing trends |
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Nov-17 Dec-17 |
Jan-18 |
Feb-18 |
Mar-18 Apr-18 |
May-18 |
Jun-18 Jul-18 |
Aug-18 |
Sep-18 |
Oct-18 Nov-18 |
Dec-18 Jan-19 |
Feb-19 |
Mar-19 |
Apr-19 May-19 |
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Brent, $/bl |
62.6 |
64.3 |
69.1 |
65.5 |
66.5 |
71.6 |
76.6 |
75.2 |
74.5 |
73.0 |
78.8 |
80.5 |
65.5 |
56.5 |
59.4 |
64.2 |
66.3 |
71.1 |
70.7 |
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Urals (Mediterranean), $/bl |
62.0 |
64.0 |
68.5 |
69.5 |
70.5 |
71.5 |
71.5 |
72.5 |
73.5 |
72.8 |
78.1 |
79.6 |
65.3 |
55.7 |
58.2 |
61.9 |
65.3 |
71.1 |
71.1 |
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Wellhead - West Siberia, $/bl |
37.8 |
44.0 |
45.4 |
47.4 |
41.4 |
42.9 |
46.6 |
53.4 |
50.3 |
45.1 |
48.6 |
54.3 |
50.5 |
38.6 |
37.0 |
45.5 |
49.3 |
48.8 |
51.3 |
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Export netback, $/bl |
42.4 |
41.7 |
46.4 |
46.4 |
41.0 |
47.5 |
52.4 |
49.5 |
47.4 |
45.7 |
54.9 |
55.2 |
38.0 |
32.2 |
41.0 |
45.7 |
47.3 |
52.3 |
51.4 |
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Export margin, $/bl |
4.6 |
(2.3) |
0.9 |
(8.3) |
(0.4) |
4.6 |
5.8 |
(3.9) |
(2.9) |
0.6 |
6.3 |
0.9 |
(12.5) |
(6.4) |
4.0 |
0.1 |
(2.0) |
3.4 |
0.2 |
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Russian gasoline, $/t |
467 |
459 |
441 |
433 |
457 |
444 |
497 |
538 |
539 |
495 |
486 |
510 |
496 |
437 |
394 |
388 |
372 |
390 |
417 |
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Russian diesel, $/t |
445 |
480 |
474 |
494 |
509 |
532 |
538 |
607 |
577 |
537 |
558 |
591 |
594 |
573 |
544 |
520 |
521 |
524 |
515 |
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Russian fuel oil, $/t |
211 |
204 |
235 |
207 |
211 |
235 |
255 |
265 |
268 |
273 |
291 |
316 |
302 |
231 |
232 |
239 |
272 |
278 |
281 |
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Domestic product basket, $/t |
413 |
425 |
421 |
423 |
439 |
449 |
475 |
523 |
510 |
476 |
486 |
514 |
508 |
465 |
436 |
424 |
424 |
433 |
439 |
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Mediterranean gasoline, $/t |
596 |
600 |
645 |
623 |
642 |
678 |
726 |
700 |
706 |
689 |
713 |
699 |
562 |
493 |
505 |
547 |
609 |
670 |
654 |
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Mediterranean diesel, $/t |
554 |
568 |
608 |
575 |
583 |
631 |
670 |
655 |
652 |
657 |
689 |
716 |
627 |
540 |
557 |
596 |
603 |
624 |
624 |
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Mediterranean fuel oil, $/t |
382 |
351 |
369 |
356 |
354 |
376 |
422 |
428 |
435 |
425 |
435 |
466 |
410 |
342 |
356 |
396 |
402 |
414 |
396 |
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Export product basket, $/t |
477 |
468 |
498 |
476 |
481 |
514 |
558 |
552 |
555 |
549 |
570 |
593 |
513 |
438 |
453 |
493 |
507 |
529 |
518 |
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Gasoline export netback margin, $/t |
25.4 |
30.0 |
90.8 |
75.9 |
73.3 |
127.4 |
120.5 |
50.7 |
53.6 |
81.3 |
114.3 |
74.6 |
(54.2) |
(64.5) |
6.7 |
58.9 |
132.2 |
172.9 |
131.5 |
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Diesel export netback margin, $/t |
4.8 |
(22.5) |
21.4 |
(32.3) |
(38.8) |
(6.7) |
23.5 |
(64.5) |
(38.2) |
6.9 |
18.8 |
10.2 |
(86.8) |
(153.2) |
(91.5) |
(23.7) |
(22.5) |
(6.5) |
2.7 |
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Fuel oil export netback margin, $/t |
29.3 |
(3.4) |
(23.5) |
(17.9) |
(22.3) |
(12.8) |
4.2 |
(12.4) |
(15.8) |
(31.8) |
(38.2) |
(32.3) |
(90.9) |
(74.7) |
(13.1) |
31.8 |
(5.6) |
(3.2) |
(33.4) |
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Gas, UKBP, $/mcm |
254 |
278 |
254 |
256 |
244 |
247 |
259 |
255 |
268 |
286 |
336 |
325 |
311 |
295 |
272 |
218 |
182 |
166 |
143 |
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Export netback for West Siberia (Nizhnevartovsk) – for barrel shipped via Novorossiysk. Wellhead prices are measured at Nizhnevartovsk.
Urals price is a Mediterranean quote.
Domestic product prices are ex-VAT and excise. Export product prices are West Mediterranean quotes.
Netback calculated after CIF-to-FOB adjustment, export duty, and typical transportation costs from Perm to Novorossiysk. UKBP price translated from GBp/therm.
Source: Bloomberg, InfoTEK, Interfax, Argus, Thomson Reuters, Renaissance Capital
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