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oil

  • 17
    SEP15
    RUB: chasing oil

    Yesterday, the upturn on the Russian FX market continued, supported by the rally on the oil market. Brent jumped to USD 48/bbl right from the morning and moved steadily up thereafter. RUB readily followed oil’s performance, opening with a gap at 66.00 against USD. By the opening of the US markets, Brent crossed the USD 49/bbl level, hitting ...

  • 16
    SEP15
    RUB: catching up with oil prices

    ... moving below 67.00 against USD in the early trading hours. At the end of the Moscow session, RUB tested the 66.55 level, but found strong resistance there, rolling to 66.76 (+1.2%) by the close. The crude market provided a supportive background, albeit oil’s performance looked much more moderate than RUB’s yesterday, with Brent inching up to USD 46.6/bbl (+0.6%). However, this morning Brent is markedly stronger, hovering near USD 47.8/bbl. Separately, EM FX currencies traded mixed yesterday, with ...

  • 16
    SEP15
    Oil sector – Ministry of Energy proposes delaying ban on Euro-4 gasoline until 2018

    ... of Energy has sent a proposal to the Eurasian Economic Commission to delay the ban on Euro-4 gasoline (the proposal does not concern diesel) until 2018, according to Kommersant. As we have mentioned on a number of occasions, the majority of Russian oil companies might be able to replace Euro-4 fuel production with Euro-5 by the end of this year. Lukoil and Bashneft have finished modernising their refineries, fully converting to Euro-5, while Gazprom Neft’s Euro-5 motor fuel production exceeds ...

  • 11
    SEP15
    RUB: supported by oil

    In the morning, oil continued to move south, damping risk sentiment on the Russian FX market. Hence, RUB kicked off softer, weakening to 68.85 against USD at the opening. However, after testing USD 47/bbl, Brent’s dynamics reversed, and by noon it had climbed to USD ...

  • 7
    SEP15
    RUB: finding no support from oil

    On Friday, the Russian FX market continued to trade on a softer footing, following oil’s weaker performance. In the morning, Brent slipped under USD 50/bbl, which pushed USDRUB to 68.0. However, crude soon recovered back to USD 50.5/bbl, helping RUB to consolidate near 67.60. The pressure on RUB resumed after the US markets opened,...

  • 2
    SEP15
    RUB: oil roller coaster

    Price action in the Russian FX market is still mostly about sentiment in the oil market. Yesterday, already in the morning, Brent quotes slipped below USD 53/bbl, with oil unsuccessfully trying to break back through this level. Moreover, in the evening Brent dipped below USD 50/bbl and touched USD 48.5/bbl. In the end, it closed ...

  • 1
    SEP15
    RUB: oil rally continues

    Yesterday, oil helped the Russian FX market to take one more step forward. However, things looked different in the morning. After the recent rally, oil corrected to USD 49/bbl, hovering there in the first half of the session. RUB took this a bit dramatically, rolling ...

  • 31
    AUG15
    RUB: up with oil

    The Russian FX market ended the week on a positive note, continuing to benefit from the rebound on the oil market. On Friday, RUB opened strong, scratching 65.05 against USD, but Brent’s correction to USD 47/bbl cooled market sentiment, allowing USDRUB to climb to 67.25 by noon, where RUB hovered for a couple of hours until oil made another strong move,...

  • 28
    AUG15
    RUB: propelled by oil

      Yesterday, RUB advanced greatly, boosted by oil’s stellar performance. Oil kicked off on a stronger footing from the morning, easily moving above USD 44/bbl. The sawtooth upward trend in crude prices underpinned risk appetite on the Russian FX market, so RUB opened with a gap, touching 68.00 ...

  • 24
    AUG15
    RUB: global risk-off and slump in oil shape Russian FX performance

    The oil market did not provide any relief for RUB on Friday. In the morning, RUB slipped to 68.20 against USD as Brent scratched USD 46/bbl. However, export hard currency selling provided some support for the market, and so USDRUB traded in a narrow range ...

  • 21
    AUG15
    RUB: at oil’s mercy

      Falling oil prices continued to determine the direction of the Russian FX market. RUB opened weaker, tracking oil’s slide below USD 47/bbl. At noon, USDRUB peaked at 67.57, as Brent bottomed out at USD 46.3/bbl. At these levels, the oil market found support,...

  • 20
    AUG15
    RUB: hammered by oil; KZT devaluates 23%

    ... against USD. Trading activity in the first half of the day was subdued, with USDRUB marking at 65.70, as Brent was hovering around USD 48.8/bbl, providing no clear signals regarding the direction of the next move. A storm broke in the evening, when oil lost ground, crashing to below USD 47/bbl. Trading activity immediately revived, and RUB easily surrendered 66.00 against USD amid decent trading. By the close, MICEX turnover totalled USD 5.0bn, while RUB weakened 1.2%, edging down at 66.62 against ...

  • 13
    AUG15
    RUB: addicted to oil

    The bounce on the oil market provided some support to RUB yesterday. Trading activity moderated a bit, with MICEX turnover declining to USD 4.7bn. At the opening, USDRUB broke through 65.00, but found a strong resistance level there. The oil market bounced, with Brent ...

  • 12
    AUG15
    RUB: it’s all about oil

    The uptick in in crude prices was short lived, and yesterday oil resumed its correction, dragging down the Russian FX market. RUB opened weaker, but Brent’s spike to USD 51.0/bbl gave an impression for an instant that a bounce was about to happen. However, from then until the end of the session, Brent was moving ...

  • 6
    AUG15
    RUB: oil spoils track record

    The beginning of yesterday’s session was quite encouraging. At the opening, USDRUB dived to 62.60 amid a fragile bounce on the oil market, consolidating a bit higher in the afternoon. For most of the session, Brent was trading in a narrow range, providing a similar trading pattern for RUB. However, just a few minutes before the end of the Moscow session, oil lost ground, plunging ...

  • 4
    AUG15
    RUB: in tandem with oil

    Yesterday, RUB saw heavy pressure, hammered by crude’s plunge to below USD 50.0/bbl. Oil started to fall in the morning, and moved down nonstop for the rest of the day. By the evening, Brent had lost 5.2%, crashing to USD 49.5/bbl and printing one of the weakest results of the current year. Like oil, RUB settled on a downward trend from ...

  • 30
    JUL15
    Oil & gas – foreign companies might receive guarantee to develop discovered oil and gas fields

    The Ministry of Natural Resources has submitted a draft law to the government, under which foreign companies might receive a guarantee to develop discovered oil and gas fields of federal importance, i.e. with reserves of more than 70mmt of crude or 50bcm of gas, reports Vedomosti. Such guarantee might be granted along with the exploration licence if the company has no financial liabilities to the government,...

  • 23
    JUL15
    Oil and gas sector – Presidential Commission on the Energy Industry might take place in October

    The Presidential Commission on the Energy Industry might be held in October, according to Vedomosti, with the following items potentially on the agenda. Amendments to the tax manoeuvre Potential access of independent oil companies to offshore deposits Liberalisation of LNG exports Increasing the depth of refining in Russia Sustaining crude production growth Chinese exports of oil and gas Independent gas producers’ access to exports via the Power of Siberia pipeline ...

  • 21
    JUL15
    Oil sector – retail gasoline prices rose 0.2% over the last week

    ... today, the internal market premium stands at USD 11/t and USD 29/t in the Central Region and Western Siberia, respectively, while on Monday 13 July it was minus USD 57/t and minus USD 35/t, respectively. There have been negative premiums on the domestic oil product market from time to time since the beginning of the year, which was reflected in the 3% YoY decrease in refining throughput by Russian integrated oils in 5mo15. As we have said before, were the internal market premium for oil products (namely,...

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