Oil market
On April 13-17, the average price on Azeri Light CIF Augusta exported from Azerbaijan via the Ceyhan and Batumi ports was $52,61per barrel, or $0.12 more than the previous price.
The maximum price was $53.12per barrel. The minimum price was $51.98. Azeri Light's density is 34.6 degrees API with a 0.14-percent sulfur content.
The average price on Urals (Ex-Novo) exported from Azerbaijan via the Novorossiysk port was $49.66per barrel, or $0.07 more than the previous price. The maximum price was $50.19per barrel and the minimum - $49.09. Urals' density is 32 degrees API with a sulfur content up to 1.3 percent.
The oil grade's specifications vary when sold depending on its high/low-quality content.
The average price on Brent Dated was $51.94per barrel, or $0.18 more than the previous price. The maximum price was $52.48per barrel and the minimum - $51.3. Brent Dated's density is 38.3 degrees API with a sulfur content of 0.36 percent.
Oil market completed the last week on a positive note. The quotations of futures demonstrated growth due to the best-than-expected quarterly reports of American banks and the publication of favorable macroeconomic data in the United States. The support to the market was also provided by the news that China's oil refineries increased oil refining for the first time over the last five months.
As a result of trades on April 17 on the New York Mercantile Exchange, the prices for WTI oil futures with May delivery reached $50.33 per barrel. The June contract price rose $0.31 to $52.47 per barrel. The June contract for Brent Crude on InterContinental Exchange in London rose $0.29, totaling $53.35 per barrel.
Amongst the investments in the oil markets, the positive dynamics of shares caused expectations that the improvement in the economy will increase demand for "black gold". Meanwhile, additional support for Exchanges was provided by publication of American consumer confidence index. According to preliminary data, in April the figure was 61.9 points (compared to 57.3 points in March), reaching the highest level since last September.
Positive for oil prices was news that China's refineries increased volume of "black gold". According to the data provided by China Mainland Marketing Research Co., the refineries of the country processed 29.4 million tons of oil (about 6.92 million bpd) in March. This was 0.7 percent more compared with the same period of last year. According to analysts, the positive dynamics in the activity of the refineries show that the economic stimulus of the Chinese Government caused an increase in demand for oil in the country.
However, in spite of the positive background, the market of "black gold" is not able to move forward. The growth in prices limited the strengthening of the U.S. dollar in relevant to Euro. The rate of the European currency fell as a result of differences at the European Central Bank and the conflicting signals about the possibility of reducing the credit rates. The Council of the European Central Bank is still unable to reach an agreement on the reduction of the base interest rate.
Currency market
Last week the official rate of the manat against the US dollar, set by the National Bank of Azerbaijan, dropped 0.0001 points or 0.001 percent. The average rate was established at 0. 0.80316 manats to 1 U.S. dollar.
Last week the maximum rate of the US dollar compared to manat was established on April 13, 16 and 17 (0.8032 manats to 1 U.S. dollar) and minimum on April 14-15 (0.8031 manats to 1 U.S. dollar).
As a result of last week's exchange rate of the Azerbaijani manat to the U.S. dollar, established based on results from the Baku Inter-bank Currency Exchange (BICEX), consolidated by 0.0002 points (0.02 percent). The average rate was fixed at 0.80252 to 1 U.S. dollar.
Deals concluded last week at BEST with transition to currency (T+0) comprised: on April 13, $1.751 million with the average sustained rate of 0. 8031 manats to 1U.S. dollar, April 14 $11.38 million with the average sustained rate of 0.8030 manats to 1 U.S. dollar, April 15 $33.71 million with the average sustained rate of 0. 8018 manats to 1 U.S. dollar, on April 16 $1.3 million with the average sustained rate of 0. 8018 manats to 1 U.S. dollar and on April 17 $600 with the average sustained rate of 0. 8029 manats to 1 U.S. dollar.
No deal was concluded with USD/AZN T+1, T+2 and SWAP_USD/AZN due to an absence of appeals by dealers. Appeals were not received on RUB/AZN and EUR/AZN (Ň+1, Ň+2).
Last week the price of the privatization vouchers dropped 6 manat and was - 12-13 manats. The value of vouchers dropped to 15-16 manats after a sharp price jump in February (by 67 percent). The validity period of the vouchers will expire on Jan. 1 2010.
