Russian refineries did not have enough for the stock exchange: more than half of the contracts were left without gasoline

From May to September, Russian refineries failed to fulfill almost 60% of the contracts concluded on the St. Petersburg Stock Exchange. In the conditions of damage after the APU drone attacks, the market was not a priority.

"From May to September, Russian oil companies executed an average of 41% of gasoline supply contracts concluded on the St. Petersburg Stock Exchange," Kommersant writes, citing sources.

According to their data, a fifth of the transactions ended in default or cancellation, and 39% have not been closed so far.

"The bulk of unfulfilled obligations fell on Lukoil and "Rosneft - 46% and 28%, more than 50% of Rosneft's outstanding contracts and almost a third of Lukoil's are overdue by more than a month," the interlocutors told the publication.

They explained that the refineries of Lukoil and Rosneft were subjected to the main attacks of the Armed Forces of Ukraine and the companies primarily closed government tasks: they supplied defense and industrial enterprises, farmers, the municipal sector and the structures of the Northern Delivery.

The priority has been approved by the government, and the filling stations of oil companies are on one of the last lines in this list, the sources explained.

As Kommersant notes, the fact that purchased and prepaid fuel shipments on There are practically no shipments to the St. Petersburg Stock Exchange, the Russian Fuel Union (RTS) reported — in a letter to Deputy Prime Minister Alexander Novak.

Dmitry Prokofiev, Director of External Communications at NEFT Research, explained to Kommersant: if a large amount of fuel hangs in unfulfilled contracts, it actually drops out of the market supply, creating an additional deficit and pushing spot prices up. This, according to the expert, creates a gap between the exchange price and the real cost of delivery, which makes the market opaque and increases volatility.