There were no signs of a collapse of stock indices, but it happened, and it was a "surprise" for all participants of the wholesale market. Stock indexes moved into the red zone. For the week gasoline at the refinery of the country (on a national SPIMEX index) fell by an average of 450 R/t, diesel fuel and fuel oil at 160-170 R/t. But most of all fell the price of jet fuel –more than 1,000 R/t.

The current decline in prices could be explained by two factors – the internal environment and the external shell.

Demand in the domestic market should be compared with the winter. Passenger transport is lost in the snow, waiting for spring. And than above the snow caps, the lower the demand the lower the price. Especially clearly this link shows a chart of wholesale prices in the regions of the country. Stands out snowy and frosty Urals from a relatively warm Rostov, Belgorod, Voronezh.

Freight transport is also not sought after civil construction is frozen, the agricultural work and preparing for them aktiviziruyutsya before March, and road construction will not begin until the snow melts. These factors in one way or another manifested themselves regularly in past years and that in February days. Prices fell down by about 1 000 R/t, and the duration of the correction phase was about one week in 2015 and about two weeks in 2016. This year, it seems, is no exception. In addition, producers this season, launched several times more goods than a year earlier. Thus, from 1 January to 15 February 2017 at the oil depot of the country unloaded gasoline in the amount of 3,422 thousand tons, 200 thousand tons more than the same period last year. In the segment of diesel fuel, the increase amounted to 160 thousand tons. That manifested "the butterfly effect" is when non-stable equilibrium, whether market prices, tightrope Walker, an avalanche or a wolf, barely holding the forestay able to break the imperceptible weight butterfly.

Foreign markets, like the Russian, was on a trajectory of decline. Dropping oil. On 10 February, the barrel was trading at the maximum, about $56,7, and by the end of the week slipped to $of 55.65, losing one dollar. Gasoline on European exchanges, however, have fallen by $24/ton to $546/ton, diesel fuel – by $10/ton, to $487/t.

Consequently, export parities for gasoline over the four days last week fell by 2 500 R/t, diesel fuel – 1 500 R/t.

Here, perhaps, two main points that determined the behavior of stock indices last week. And happy last week of February, besides shortened by four days, hardly, I think, will bring new opportunities. Fundamentals, is able to shake the market, is not visible.

Photo source: fuelservice.ru, hyser.com.ua