С июня в РФ, по инициативе ФАС, СПбМТСБ, РТС и ряда нефтяных компаний, стартует уникальный проект биржевых мелкооптовых торгов нефтепродуктами…
Статья в еженедельнике «Биржевой товарный рынок России» (№162, 16-20 мая)
Колонка в журнале Oil&Gas Journal Russia, май 2016 года. Никита Захаров, начальник управления развития рынка деривативов СПбМТСБ. По мере роста объемов биржевого рынка нефтепродуктов на СПбМТСБ (от менее чем 5 млн т в 2010 году до более 15 млн т в 2015 году), улучшения равномерности и регулярности продаж на бирже разработаны новые, более совершенные индикаторы.
Одни из наиболее интересных - региональные индексы рынка нефтепродуктов. Данные индексы отражают стоимость нефтепродуктов в крупных центрах потребления: это Москва, Санкт-Петербург, Ростов-на Дону, Екатеринбург, Новосибирск, Красноярск, Иркутск, Хабаровск.
Алексей Рыбников в интервью газете «Ведомости» рассказал о работе Санкт-Петербургской Международной Товарно-сырьевой Биржи и о проекте запуска нового поставочного фьючерса на российскую экспортную нефть.
В интервью также вошли ответы на вопросы о работе СПбМТСБ на рынках нефтепродуктов, газа, леса и лесоматериалов.
Российская нефть марки Urals скоро станет новым бенчмарком, или эталоном, мирового рынка «черного золота». В конце года начнутся торги экспортными фьючерсами на этот сорт, что позволит устанавливать справедливую цену и пополнить бюджет дополнительными доходами. Статья в «Российской газете» с комментариями Первого Вице-президента СПбМТСБ Михаила Темниченко.
СПбМТСБ заявила о планах запуска поставочного фьючерсного контракта на российскую экспортную нефть в 2016 году, чтобы затем создать на его основе эталонный сорт нефти.
Подробности реализации проекта журнал Nefte Сompass обсудил с Первым Вице-президентом биржи Михаилом Темниченко.
Работа над проектом создания эталонного сорта (бенчмарка) российской экспортной нефти и начала торгов соответствующими фьючерсами продолжается уже более года. На сегодня Санкт-Петербургская Международная Товарно-сырьевая Биржа (СПбМТСБ) совместно с регуляторами рынка практически завершила подготовительный этап: разработана концепция и план реализации проекта, правила торгов и спецификации, согласованы с нефтяными компаниями общие условия поставки по фьючерсам. Торги по контрактам на экспортную нефть нового эталонного сорта могут начаться в 2016 году.
Спотовые торги газом на Санкт-Петербургской Международной Товарно-сырьевой Бирже начались год назад с оборота в десятки миллионов кубометров в месяц. Через год оборот месячной торговой сессии перевалил за первый миллиард кубометров. Удастся ли бирже продолжить наращивать обороты, и какие шаги могут этому помочь в интервью Агентству газовой информации (АГИ) рассказал президент СПбМТСБ Алексей Рыбников.
Moscow (Platts) - 1 Oct 2015/9 13 am EDT/1313 GMT
Republication: Platts Oilgram News. Volume 93, Number 195. Monday, October 5, 2015
- Exchange to offer Urals, ESPO futures, forward contracts
- Trading seen in late 2016, timeframe depends on market
- Global interest in new exchange tool
- Trade to be in dollars; ruble-denominated contracts possible
The St Petersburg International Mercantile Exchange (SPIMEX) sees interest in the market for its planned launch of Russian crude oil futures, as part of efforts to establish Russia's Urals as a benchmark grade, with the new trading tool set to offer an additional mechanism for the hedging of risk in times of high price volatility, President Alexei Rybnikov told Platts in an interview.
Russia has long been considering plans to trade futures contracts for its Urals and ESPO international crude blends and aims to start regular trading in late 2016.
The exact timing of the launch will depend on the market situation but the current environment of high price volatility and market uncertainty generally support the plan, Rybnikov said.
"Surely, the general situation on the market, including macroeconomy and politics as well as ruble volatility are factors that will be taken into account when we consider when to launch the contract but a window of opportunities will inevitably emerge," he said.
"I think traders would welcome the appearance of yet another tool they can use in the situation of high market volatility and uncertainty," he added.
Urals, Russia's key export blend, is currently traded at a differential to Northwest European benchmark Brent crude, while the main Russian export blend destined for eastern markets, ESPO, is traded against Middle Eastern Dubai grade, which is used as a benchmark for Asia's markets.
The Russian authorities believe trading of Urals as a benchmark would allow them to earn more money from the Urals blend -- which has mainly traded at a discount to Brent -- arguing that production volumes substantially exceed those of Brent blend.
Trading of a futures contract backed by physical crude delivery would allow the creation of "a fair price-setting mechanism, different to the current mechanism, which will add a certain sum of money to the current price [for Russian blends]," Rybnikov said.
"Based on a number of estimates and studies, we believe that the relative price of the Russian crude has the potential to grow," he said, adding that such results could be achieved within a few years. SPIMEX estimates at least three to five years would be needed to see the new contract well established on the market, Rybnikov said. FUTURES CONTRACTS
SPIMEX plans to launch a Urals futures contract on a FOB Primorsk and/or FOB Ust-Luga basis. Both ports are located on Russia's Baltic coast.
If the government decides to direct crude with a high sulfur content -- of up to 2.5% -- along a separate route to Ust-Luga, SPIMEX would consider launching a separate contract for such a blend, Rybnikov said.
The issue of separating off a high-sulfur crude grade has been under discussion for some time but no decision has yet been taken on the matter.
Trade via Russia's other main western export routes -- through the Black Sea port of Novorossiisk and the Druzhba pipeline to Europe -- would be linked to the prospective FOB Primorsk contract, Rybnikov said.
The potential ESPO contract could be traded independently or linked to that of Urals at Primorsk, he added.
SPIMEX aims to be ready to offer both contracts -- for Urals and ESPO -- so that the market can decide which is of more interest.
The exchange also plans to launch a forward contract, which could be launched simultaneously with the futures contract or with a certain time lag.
The futures contract would involve trading in lots of 1,000 barrels and be available to a wide range of market players, while the forward contract would involve tanker cargoes of 100,000 mt or around 730,000 barrels and be available only for major companies.
SPIMEX expects the contracts for export deliveries to be traded in dollars, as global crude trading is carried out in this currency, while ruble-denominated contracts are also possible.
Russian officials have been considering the potential trade of oil futures in rubles for a long time, but use of the national currency would also involve forex risks, which would negatively impact the Urals/ESPO price.
CHALLENGES
There remain a lot of challenges that must be overcome before the new tool is well settled. Not least, the market would have to get used to the new tool, while international levels of confidence in Russia and the ruble are low currently and there are concerns over the high involvement of the state in Russia's oil sector.
Rybnikov, however, said he is confident that the goal of establishing an independent pricing mechanism for Russian crude is achievable and the moment is "right" to launch the process.
"We'll build the contract in Russia, based on Russian legislation, with the optional use of rubles. In this situation, the level of confidence in the system that will be offered, firstly to buyers, should be high. We're out to win this confidence to prove that the system works and works correctly, without any political involvement," he said.
SPIMEX's plan has the support of Russia's oil producers and governmental bodies, he added.
The exchange has talked to various foreign companies and has also seen interest in the new tool, he said.
SPIMEX also expects to partner international exchanges that could offer spreads with their own price indicators, in a move that would also support liquidity in the Russian contract, he said.
"We are in regular contact with other exchanges, and some of them have expressed an interest in the trading of spreads against our contract," he said, declining to name any of them.
When asked about concerns over the potential involvement of the Russian state in the business -- since the bulk of Russia's crude flows have traditionally been controlled by state-run companies -- Rybnikov said he believes this should not be an issue as even those companies have acted as public market players, aiming to create high profits for their shareholders.
Those companies have already been selling crude via market mechanisms and the state as their key shareholder is interested in receiving high profits, he said.
Rybnikov said the project's key challenge is changing the habits of the existing market players, who have become used to other, long-established mechanisms for price setting.
And while "nobody can guarantee the [positive] result, it's worth the effort," he said.
Nadia Rodova, nadia.rodova@platts.com
Edited by James Leech, james.leech@platts.com
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