Oil market
Last week (10 вЂ" 14 October) the dynamic of oil futures was defined by the ideas and spirit of the participants in the market linked with the level of demand for fuel in the United States and in the world. In the end of the week the futures prices of Light Sweet at NYMEX dropped $4.4 to $61.84 per barrel, or 6.6%. However, in the beginning of the last week the market survived, with thought of short-term character of the fall in demand for fuel.
Next monthly report of the US Energy Ministry was publicized on Wednesday. The October report decreased for forecast on average demand for oil products in the United States by 290,000 barrels a day as compared to September forecasts of 20.5 million barrels a day. In accordance with the forecast, in 2005 the demand for oil products in the United States will be 0.9% down as compared to 2004. “In the first half of 2005 the average demand was in the level fixed in 2004, a the rapidly increasing prices restricted demand for petrol, the weather conditions damped down the demand for fuel mazut in winter, and the comparative price factors results in the drop in demand for industrial fuel and propane,” the analysts of the Energy Ministry indicted in the.
As of forecasts of the Energy Ministry, in 2005 the average prices of WTI oil, the standard for the American market will comprise $58 per barrel, while in 2006 it will reach $64 вЂ"65.
Currency market
Last week rates of Azerbaijani manat dropped one point in regard to US dollar and made up 4594 manats.
Euro rates started the week at 5567.63 manats per euro, and completed at 5526.81 manats. The difference between the maximal and minimal indices was 40.82.
Last week official rate of AZM in regard to USD dropped every day at BBVB, while maximal difference between the rates made up 1.56 points.
Aggregate amount of trading sessions (BEST) at BICEX comprised US $19,732m last week. Average daily deals constituted US $3946.4m. Maximal rates were fixed on 12 October, comprising US $0.92m. Strong fluctuations were not peculiar to last week dynamic of trading sessions.
Privatization shares market
The prices of privatization shares remained unchanged.