SPIMEX calculates multiple families of price indices, which track the real price performance for petroleum products on the national market and local markets across Russia.
The Composite index is a common unified indicator of the petroleum products market, which measures the price performance of an average tonne of exchange traded light petroleum products. Given in points, the value of the Composite index is calculated as the total sum of the values of National indices for prices for light petroleum products (REG, PRM, TRD, DTL, DTM, DTZ) multiplied by certain weight coefficients. These coefficients help to reflect the shares of domestic physical supplies of petroleum products from Russia
National indices are common price indicators which reflect the average price of each type of petroleum product (REG, PRM, TRD, DTL, DTM, DTZ, MZT) on the domestic market. There are two types of national indices – indices calculated based on exchange traded contracts and OTC indices calculated based on over-the-counter trades. In calculating the indices, SPIMEX utilizes the data from contracts with prices given at Russian refineries – Prices at refineries. National indices’ values are calculated as the total sum of Prices at refineries multiplied by certain weight coefficients. These coefficients help to reflect the shares of domestic physical supplies of petroleum products from different refineries.
SPIMEX tracks the price performance of petroleum products in each of the eight large cities that are Consumption Centres of their respective Districts – Moscow, St. Petersburg, Rostov, Yekaterinburg, Samara, Novosibirsk, Irkutsk, and Khabarovsk. There are two types of indices – district indices calculated based on exchange traded contracts and district OTC indices calculated based on over-the-counter trades. Calculation methodologies for both are based on the same principle.
SPIMEX calculates prices for exchange traded contracts and OTC contracts for each type of petroleum product for every large Russian refinery. The Index Composition does not include trades with prices or volumes significantly above or below the market average. Prices at refineries are used to calculate District and National indices. The values of Prices at refineries are available to subscribers only.
In place since February 2009, the indices for Vladimir Rail Station (Vladimir-based indices) reflect petroleum products prices at refineries located in Central Russia (Moscow, Ryazan, Yaroslavl, Nizhny Novgorod), adjusted for the rate of transportation to the prices at Vladimir Rail Station (Gorkovskaya Railway).
The SPIMEX Derivatives Market Section, a platform for trading in non-deliverable futures contracts, uses Vladimir-based indices as a pricing point.
Calculation of OTC indices using this methodology was done by SPIMEX prior to October 7, 2012. OTC indices were calculated as the weighted average value of OTC contracts for petroleum products produced by refineries located in one of Russia’s three geographical areas – the European part of Russia, Siberia and Russia’s Far East. The historical values of OTC indices are available on the SPIMEX website. At the moment, SPIMEX utilizes district OTC indices as indicators of prices for OTC contracts.