On Rebco has struck a bellthe First transactions under future contracts on delivery of oil Rebco will be concluded today in trading system CME Globex in Chicago. Negotiations about start of new tools of pricing on deliveries of oil from the CIS have already begun - in case of good luck under the same scheme the price of the Caspian oil can be defined.
officially the auctions on the Russian export mix Rebco with delivery to October, 23rd and the next 72 months in joint trading system Nju - Jorksky stock exchange NYMEX and Chicago CME - CME Globex - open today. On Friday morning the auctions in NYMEX have been opened zamglavy MERTa Cyril Androsov. By tradition the representative of the country or the company - the supplier of the goods under the new contract calls in an exchange bell. However, Rebco which as it is supposed, becomes alternative to price Urals at pricing on spotovye deliveries of oil from Primorska, will not bargain brokers in trading floor NYMEX - all transactions on it, as well as on North Sea oil Brent, will be spent in electronic trading system.
before start of the auctions organizers of the contract from partnership REF by exchange rules do not make comments on possible volumes of the auctions. Alexey Kuzmichev, the co-owner “ the Alpha - groups “ the senior partner REF, has informed that prospects of the new tool will be defined within two months. Working on NYMEX brokers Calyon, SGS, Energy Futures assert that in November interest of the market to new futures from - for possibilities of arbitration transactions between prices Brent and Rebco is possible.
While the arrangement on possible deliveries of oil under contracts Rebco, by data, REF has reached with “ Gazprom oil “ “ Surgutneftegaz “ The multinational corporation - VR, and also with all large traders in Primorske: Vitol, Trafigura, Glencore. However, according to mister Kuzmicheva, has not confirmed interest to Rebco one of the largest traders in region - Guivnor. By data, while also do not show interest to Rebco and trejdingovye LUKOIL company. However, Robert Levin, the senior vice-president NYMEX on an analyst, believes that the circle of interested parties will be defined in some months. After all futures on Brent have successfully earned only after four years of the auctions and three unsuccessful attempts of start on IPE.
However according to Alexey Kuzmicheva, in October REF and Expertica intend to carry on negotiations for possible start of other urgent tools on deliveries of oil from Russia and the CIS. With the future creation in St.-Petersburg stock exchanges RTEB possibility of transfer of turns on deliveries of the oil exported to Europe from Russia and the CIS on the oil pipeline " opens; Friendship “ And also on the pipeline of Baku - Tbilisi - Dzhejhan, on the exchange auctions. Speech can go as about use Rebco as independent price reference point for transactions on oil from Kazakhstan and Azerbaijan with delivery from Dzhejhana, and about the organisation of the direct auctions by oil of the Caspian region in St.-Petersburg. Now overwhelming majority of deliveries of oil of the CIS is based on prices Brent and counted by agencies Platts and Argus Media differentials - discounts for price Urals to Brent or also North Sea mix BFO.
Cyril Androsov even more opredelenen. As he said, a question on the future contracts on Rebco by deliveries on the pipeline “ Friendship “ it will be solved for some months, and in parallel Russian authorities will carry on negotiations with the governments of Kazakhstan and Azerbaijan for the organisation of the auctions by the Caspian oil in St.-Petersburg. It also has explained that NYMEX can take part in creation RTEB: In MERTe are interested in use of clearing NYMEX - one of the most reliable in the world. Clearing - one of the most serious problems in the project of Sankt - the Petersburg stock exchange: it demands investments in $250 - 300 million
If Rebco wins popularity, attempts to use this contract as a price reference point are inevitable. Now in the world there are as base, so-called markernogo oil grades, as a matter of fact, only two grades - WTI and Brent - BFO. According to Horhe Montepeka, director Platts for a market analytics, attempts to enter independent pricing on oil, on parametres close to Russian and Iraq, go since 1999. If REF it will be possible to realise at least a part of plans, at Rebco there is every chance to become the third world markernym an oil grade. We will notice that all attempts to create such markernyj a grade in the United Arab Emirates, Iran, the USA (vysokosernistaja oil Mars) came to the end unsuccessfully from - for absence of interest of suppliers. In a case with Rebco the offer while is ready to provide the state.