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Russia’s Crude Gets Quotes But Lacks Deals
First quotes for futures of Russia’s crude, REBCO, stood at $55.25/bbl under the contracts that mature in January 2007. As of Oct. 24 evening, no actual deals were made, NYMEX representatives said.
The trading in REBCO futures won’t start at once, warned Alexey Kuzmichev, who arranged the launch of the futures for Russia’s REBCO. And his forecast was verified in every detail. Despite that the REBCO quotes were available yesterday, no real deals were clinched that day, representatives of NYMEX said.
Anyway, Kuzmichev spoke of the two-month period to evaluate potential of a new trading instrument.
The bidding will start once potential players get accustomed to the new system and execute the required formalities (i.e. open required accounts and credit lines), said representative of Expertica. Expertica also arranged the trading in REBCO.
REBCO is expected to emerge as alternative to Urals while establishing prices for crude oil spot deliveries from Primorsk. Unlike WTI, brokers won’t bid for it on the NYMEX trading floor via public trading but make the deals via E-trading facilities, which is similar to the Brent trading.
Chicago Mercantile Exchange had the following quotes for REBCO yesterday - $55.25/bbl for Jan. 2007 delivery; $56.30/bbl for Feb. 2007 and $58.95 for June 2007, i.e. roughly $6 below Brent quotes.
www.kommersant.com
All the Article in Russian as of Oct. 25, 2006
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