2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Petroleum products are products that are obtained in the process of oil refining. They are created during the distillation of this raw material, from which fractions that differ in the boiling range are separated by distillation.
The market for oil products can be divided into the market for light oil products, which includes gasoline, diesel fuel, and the market for dark oil products: bitumen, fuel oil, oil and others.
Buyers of oil products are oil trading companies, networks of gas stations. And exchanges act as intermediaries, where trading is carried out in the most convenient ways for companies, as well as settlements and deliveries.
The largest exchanges in the world
The main part of trading in petroleum products in the world is carried out on the following exchanges:
- The New York Mercantile Exchange (NYMEX) is an American exchange established in 1872 and ranked first in the world in oil trading futures.
- The London International Petroleum Exchange (ICE, formerly IPE) is an exchange founded in 1980.- The Singapore SGX Exchange, established in 1999 after the merger of the SingaporeStock Exchange and Singapore Currency Exchange. This exchange is computerized, where trading is carried out exclusively in electronic format.
Exchanges in Russia
Compared to world leaders, Russian stock exchanges are very young, but at the same time gaining momentum. The main trades are carried out by two exchanges:
- St. Petersburg Oil Products Exchange (SPbMTSB).
- Moscow Interbank Currency Exchange (MICEX).
Their main task is to organize a market for goods with the most simplified mechanism for setting prices for oil, oil products and other raw materials produced in Russia. The largest exchange platform in Russia, however, is recognized as the oil products exchange of St. Petersburg. Trades, in addition to oil products, are carried out here in oil, gas, energy, timber and agricultural products.
Exchanges connect refiners and oil traders who supply it to the state's fuel market. All oil products sold on the exchange have a price that is formed by supply and demand. However, most of all, prices depend on the economic policy of states and the price policy of suppliers - traders.
In practice, the price cannot be lower than stock quotes, although theoretically such a possibility exists. It is not only companies directly related to oil products that need to know the cost well. In fact, all structures of the state andcommercial type are associated today with the prices of gasoline, diesel fuel, kerosene and so on. Therefore, fluctuations in these prices will in any case affect the activities of the company, regardless of its ownership and scale.
Petroleum Products Exchange (St. Petersburg)
Today, this exchange is the largest oil products exchange in Russia. It was established in the first half of 2008, and on the twenty-third of September of the same year, the first auction took place.
CJSC RDK provides clearing services for all trading participants. The founders of the exchange are companies, including Russian Railways, VTB-Invest, Rosneft, Gazprom Neft, Transneft » and others.
The SPIMEX Petroleum Products Exchange trades in real commodities and futures contracts. All basic groups of petroleum products are sold on the spot market. And futures trading is carried out in the futures market.
St. Petersburg Petroleum Products Exchange implements exchange and over-the-counter transactions. The main goods on the exchange from raw materials produced in Russia and CIS countries are petroleum products. Trading in other goods is also carried out by the St. Petersburg Petroleum Products Exchange. The calculation of the railway tariff and deliveries are carried out here in the same way as on other exchanges.
2014 figures
Currently, the turnover of Russian oil products on the stock exchange is about 95%. From 2011 to 2013, the total trading volume amounted to more than 915 billion rubles, and itincreases every year. Thus, in 2013 the volume exceeded 13.5 million tons of oil products, and in 2014 it amounted to almost 17.5 million tons. In the derivatives market last year, trading volumes exceeded 3.5 billion rubles. The volume of gas trading in 2014 was over 521 million cubic meters.
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