Gazprom Neft is the First Russian Oil Exporting Company That Will Directly Act as a Market Maker in the SPIMEX Urals Crude Futures Market

Gazprom Neft is the first Russian oil exporting company that will directly act as a market maker in the SPIMEX Urals Crude Futures market.
As a participant of the Minimum Offer Size Market Maker Program the company will maintain on a daily basis continuous quoting for the Urals Crude Futures in specified minimum offer quantities in the trading system of the Saint Petersburg International Mercantile Exchange (SPIMEX). 
A pool of market makers at the SPIMEX Derivatives Market is currently being formed by the exchange. That will ensure a stable supply of the Urals grade under SPIMEX Urals Crude Futures contracts (settled by physical deliveries from the Baltic Sea port of Primorsk) and will stimulate key overseas buyers of Russian crude to join on-exchange commodity trades. 
Trading in the SPIMEX Urals Crude Futures was launched in November 2016. Since then the volume of trades exceeded 3.5 million barrels.
Anatoly Cherner, Gazprom Neft’s deputy CEO for Logistics, Processing and Sales, said: ”Development of domestic commodity market for exchange-traded exported Russian crude oil is an important process which gives rise to new price mechanisms and establishes interrelations between wet and paper barrels. Gazprom Neft actively participates in the process, tests products offered by the exchange and acts hand in hand with SPIMEX and relevant government bodies. Industry expertise offered by Gazprom Neft will lay a foundation for efficient exchange trading mechanisms that will take into account the interests of all trading participants.”
Saint Petersburg International Mercantile Exchange (SPIMEX) is the largest Russian commodity exchange which offers a wide range of products traded both in its Commodities Sections (refined products, crude oil, natural gas, LPG, timber and construction materials) and in its Derivatives Section. The Exchange’s key task is operating a transparent price formation mechanism to ensure fair prices for the commodities produced in Russia. SPIMEX was incorporated in 2008.


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