MOSCOW/NEW YORK, October 24 (RIA Novosti) - Russian export blend crude oil (REBCO) futures fetched an average of $55.25-$58.95 per barrel during their first day of trading on the New York Mercantile Exchange October 23, NYMEX said Tuesday.
The new blend, the third crude brand to trade on the NYMEX after WTI and Brent, will replace Urals as Russia's price index used for calculating supply prices, export duties and mineral extraction tax. It is expected to fetch a higher price than Urals - generally priced at a $5-6/bbl discount to Brent - due to the lower sulfur content of the REBCO blend.
REBCO futures fetched $55.25 per barrel for delivery in January 2007 and $58.95 per barrel for delivery in June 2007, the NYMEX said.
REBCO futures contracts will trade in lots of 1,000 barrels and will provide for physical delivery at the Baltic Sea of Primorsk, which operates year-round, NYMEX said.
