Russian Oil Quotes out of the Negative Zone
April 2 quotation Western Siberia fip (Free in pipe, the seller at his own expense delivers the goods to the pipeline) amounted to 1 312 rubles. per ton, and in the previous three days it was negative. So, on Wednesday, April 1, it was equal to minus 1 304 rubles per ton, on Tuesday, March 31 - minus 1,200 rubles, and a day earlier - minus 1,007 rubles.
Quotations reached negative values, despite a reduction in export duties from April 1 by $ 14.90 per tonne compared to March, to $ 52 per tonne. According to the agency, transportation costs, payment of export duties and other expenses exceeded the average cost of Urals.
Despite the recovery, the cost of Urals has been minimal since 1999, Argus points out. The discount for Russian oil relative to Brent remains at the same level for the fifth trading day in a row - $ 4.75 per barrel. This is the highest figure since June 2008.