July 2020 witnessed a significant rise in the volume of natural gas, refined products and futures contracts traded on SPIMEX

05
Aug
20


In July 2020, the volume of natural gas traded on the Saint Petersburg International Mercantile Exchange (SPIMEX) amounted to 1.539 bcm, i.e. a 75% rise YOY (in July 2019 it was equal to 661 mcm).

Volume traded under month ahead contacts increased by 656 mcm (+104%) up to 1.285 bcm, while volume traded under day-ahead contacts increased by 4.5 million (+1.8%) reaching 255 mcm.

Compared to June 2020, gas trading volumes increased by 318 mcm (+26%) including: month ahead contracts — by 206 million (+19.1%) and day ahead contracts — by 112 million (+78.6%).

Volumes of refined products traded on SPIMEX in July 2020 amounted to 2.276 MMT showing an +11.7% increase YoY. Compared to June 2020, trading volumes grew by 30.2%.

The average daily volume traded in SPIMEX Refined Products Section in July 2020 amounted to 103,448 tonnes, 16.8% more than in July 2019. This figure is also 18.3% higher than the average daily volume traded in June 2020.

The average daily volume of gasoline traded on SPIMEX in July 2020 increased by 23.1% as compared to June 2020 reaching 37,914 tonnes (+7.8% as compared to July 2019). The volume of summer diesel traded amounted to 43,180 tonnes per day on average, which is 34.7% more than in June 2020, and 54.7% more than in July 2019. Daily volume of jet fuel traded on the Exchange amounted to 7,524 tonnes on average, which is 13.3% less than in June of the current year, and 13.1% less than in July 2019. The volume of trading in LPG amounted to 3,980 tonnes per day on average, which is 0.6% more than in June 2020 and 24.2% less than in July 2019.

In general, July 2020 witnessed an increase in the volumes of trading in summer diesel — a 48% rise over July 2019, reaching 949,964 tonnes. Jet fuel trading volumes decreased by 16.9% YoY amounting to 165,535 tonnes. Volume of gasoline traded increased by 3.1% reaching 834,110 tonnes (+35.4% as compared to June of the current year).

Volume of LPG traded on SPIMEX decreased by 27.5% YoY to 87,564 tonnes (+10.6% as compared to the previous month). Volume of residual fuel oil traded in July amounted to 99,645 tonnes, which is 13.3% less than in July 2019 (+49.9% as compared to the previous month).

In the post COVID-19 lockdown period, the on-exchange motor fuel market is experiencing recovery. SPIMEX remains to be a stable channel for purchase and sale refined products. Sellers and buyers of natural gas are also more actively using the tools offered by the exchange for its purchase and sale. This trend shall contribute to uninterrupted natural gas supply and development of competition.

The performance indicators of the SPIMEX Derivatives market, used by market participants for hedging and planning their fuel procurements, were as follows.

In general, the volume of futures contracts traded on the exchange by the end of July increased 3.3-fold YoY amounting to 51,872 tonnes. In futures contracts, the said indicator increased 17-fold and reached 4,851 contracts.

July 2020 witnessed a record-breaking amount of refined products physically-delivered under SPIMEX futures for refined products traded in the Russian domestic market (contracts with pricing on a base point) — 21.9 thousand metric tonnes, which exceeded any previous single month volume.

The volume traded in SPIMEX ULSD Futures Contract (FOB Primorsk) for July 2020 delivery amounted to 30,000 tonnes.

Thus, in the post-lockdown environment, market participants are actively using exchange-traded hedging instruments when trading both in the domestic and external markets.

The Saint Petersburg International Mercantile Exchange (SPIMEX) is Russia’s largest commodity exchange offering a wide range of products traded both in its Commodities Section (refined oil products, crude oil, natural gas, LPG, timber and construction materials, fertilizers) and in its Derivatives Section. The Exchange’s key task is to operate a transparent, fair and efficient price formation mechanism for Russian commodities. SPIMEX was founded in 2008.

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