Results of the First Trading Day of the Physically-Settled SPIMEX Urals Crude Futures (FOB, Primorsk)

On 29 November 2016, the Saint Petersburg International Mercantile Exchange (SPIMEX) successfully held the first trading session in the physically-settled SPIMEX Urals Crude Futures (FOB, Primorsk).

The following companies took part in the first trading day of the contract: Otkritie Broker JSC, IT  Invest IC JSC, Intrast Financial Company, Gazprom  Neft, Rosneft, Lukoil-Reservnefteproduсt LLC, "Solid-commodity markets" OJSC, Zarnestservice Ltd, JSC IC "Zerich Capital Management", Alor Plus Corporation, JSC Finam, Omega Funds Investment Limited, LLC “AFI”. 

Volume of orders placed:35,357,000 bbls
Number of trades and volume traded:26 trades for 63,000 bbls
Value traded:USD 2,929,520


The largest turnover of the day scored by Intrast Financial Company.

The settlement price for the March 2017 Urals Crude Futures contract is set at 46.12 $/bbl while the settlement price for the April 2017 Urals Crude Futures contract is equal to 46.87 $/bbl.

The number of opened positions in the March 2017 Urals Crude Futures contract held on closing amounted to 4 (four). Exactly the same number of opened positions was held by the end of the day in the April 2017 Urals Crude Futures contract. 

The SPIMEX Urals Crude Futures contract has to become a core of a new pricing mechanism for Russian export crude oil by setting a direct market price without any reference to other marker crudes and filling the gap between physical "wet" barrels and futures traded "paper" barrels. 

Contract parameters: 

Underlying commodity:Urals grade crude oil
Settlement:physically settled
Terms of delivery:FOB, Primorsk
Contract size:1,000 bbls
Standard Delivery:720,000 bbls (100,000 mt)
Currency:US Dollar


The official ceremony marking the launch of the physically settled SPIMEX Urals Crude Futures contract (FOB Primorsk) was held at the Moscow premises of SPIMEX on Tuesday, November 29, 2016. The ceremony was attended by the heads of Russian and overseas petroleum companies, trading participants, Russian Government officials and media representatives. 

Saint Petersburg International Mercantile Exchange (SPIMEX) is the largest Russian commodity exchange which offers a wide range of products traded both in its Spot Commodities Markets (refined products, crude oil, natural gas, LPG, timber and construction materials) and in its Derivatives Market. 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. The exchange license is available at the SPIMEX web-site.

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