Macro environment
Crude oil prices and foreign exchange rates, model refining margin of Grupa LOTOS S.A.
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| Quarterly average crude oil prices | ||||||||||||||||||||||||||||||
| Brent Dtd | USD/bbl | 76,34 | 78,24 | 76,74 | 86,43 | 105,45 | 116,92 | 113,23 | 109,39 | 118,63 | 108,02 | 109,60 | 110,14 | 112,54 | 102,53 | 110,19 | 109,22 | 108,16 | 109,69 | 102,02 | 76,63 | 53,86 | 61,66 | 50,44 | 43,66 | 33,79 | 45,56 | 45,71 | 49,05 | 53,59 |
| Spread Brent Dtd vs Ural Rtdm | USD/bbl | 1,41 | 1,74 | 0,92 | 1,51 | 2,93 | 2,83 | 0,67 | 0,26 | 1,20 | 1,97 | 0,69 | 0,97 | 1,69 | 0,65 | 0,15 | 1,40 | 1,37 | 2,22 | 1,79 | 1,54 | 1,78 | 1,45 | 1,41 | 2,68 | 2,7 | 2,59 | 2,33 | 2,18 | 2,14 |
| Quarterly average FX rates | ||||||||||||||||||||||||||||||
| USD | PLN | 2,88 | 3,16 | 3,10 | 2,92 | 2,88 | 2,75 | 2,94 | 3,28 | 3,22 | 3,33 | 3,31 | 3,17 | 3,15 | 3,21 | 3,21 | 3,07 | 3,06 | 3,04 | 3,15 | 3,37 | 3,73 | 3,70 | 3,77 | 3,89 | 3,96 | 3,87 | 3,89 | 4,06 | 4,06 |
| EUR | PLN | 3,99 | 4,01 | 4,01 | 3,97 | 3,95 | 3,96 | 4,15 | 4,42 | 4,23 | 4,26 | 4,14 | 4,11 | 4,16 | 4,20 | 4,25 | 4,19 | 4,19 | 4,17 | 4,17 | 4,21 | 4,19 | 4,09 | 4,19 | 4,26 | 4,36 | 4,37 | 4,34 | 4,38 | 4,32 |
| Model refining margin* | USD/bbl | 9,68 | 9,10 | 7,31 | 6,08 | 4,32 | 5,05 | 4,97 | 6,97 | 7,32 | 9,38 | 8,08 | 7,41 | 6,21 | 6,51 | 6,49 | 6,01 | 8,24 | 7,34 |
* In order to facilitate assessment of the impact of global commodity and product prices on the profitability of Grupa LOTOS S.A.’s refinery, the Company revised its model refining margin for Q3 2013 and comparative periods. For a description of the new method of estimating the refining margin, see Current Report No. 25/2013 of October 29th 2013.
* In order to facilitate assessment of the impact of global commodity and product prices on the profitability of Grupa LOTOS S.A.’s refinery, the Company revised its model refining margin for Q3 2013 and comparative periods. For a description of the new method of estimating the refining margin, see Current Report No. 25/2013 of October 29th 2013.