• Russian stock market daily morning report (October 08, 2015, Thursday)

    Despite the fact that the evening numbers on the oil reserves in the US were below the morning forecasts of API, we assume that at the back of a number of long-term positive factors, the oil prices might continue upping. We expect the Brent oil quotes to reach the range of 55-60 USD per bbl in the nearest outlook. The Fed session results might form a strong driver tomorrow. News, important for the Russian market, might come from the results of government hearing the budget draft for 2016.

    Main events

    MEDT downgraded gas extraction targets in Russia to 626 bn cubic m.

    Ministry of Economic Development has downgraded the forecast of gas extraction in Russia to 626 bn cubic meters vs the previous forecast of 630 bn cubic meters. At that, the reduction of sum extraction in Russia is related to the reduced extraction by Gazprom. At that, from early this summer, export grew rapidly, allowing Gazprom forecast export growth to the far abroad 9.6% for a year to 159-160 bn cubic meters. We assume that from the financial results viewpoint, thee export growth will totally cover for the company’s loss at the domestic market.

    Contributed by Veles Capital
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