MACROECONOMICS.

The government of the Russian Federation raised the forecast of oil prices, director of MERT department of the Russian Federation Andrey Klepach informed on Monday to journalists on results of meeting of the governmental commission on budgetary projects, according to RIA News.

"The decision to raise the forecast of oil price up to $62 for barrel in 2006, $58 for barrel in 2007, $53 for barrel in 2008 and $48 for barrel in 2009 was made”, - Klepach told.

According to the forecast accepted earlier, the average annual oil price this year made $60 for barrel, in 2007 - $49 for barrel, in 2008 - $50 for barrel and in 2009 - $46 for barrel.

At the same time Klepach has noted that high risks of drop in prices are kept.

Inflation in Russia made 0,3 % for the first 20 days of May.

According to MERT forecasts on results of May growth of consumer prices will be at 0,4-0,5 %, and on results of five months - 5,8-5,9 %. While inflation grows at lower rates than last year, - the official said (in 2005 for five months growth of consumer prices made 7,3 %). Delay of inflation Klepach explained by more constrained growth of rate for housing and communal services and food prices than a year ago.

Oil trades above $71 because of intensity in Iran which insists on continuation of its nuclear program, Bloomberg agency informed. The price of July future contracts for WTI oil at the tenders in NYMEX on Tuesday rose $0,24 - up to $71,61 for barrel in the morning. In London stock exchange ICE Futures the price of futures for Brent oil for July in the electronic tenders on May, 30th grew $0,27 - up to $70,86 for barrel. NYMEX and ICE were closed on Monday due to the holidays in the USA and Great Britain. The Iranian nuclear problem will probably be discussed in Vienna on June, 1st where it is expected will be a meeting of heads of foreign policy departments of Russia, the USA, "Eurothree" (Germany, France and the UK) and China on this question.

MARKET ‘S GENERAL ASSESSMENT.

For the lack of the western investors, being in short-term holiday, tenders in the Russian share platforms on Monday were highly volatile and without a precise orientation of the tenders. Having opened with 1,5% gap upwards, the market continued planned at the end of the last week growth, however already by the afternoon it was back downwards to undertake storm of 1520 points in RTS again. Meanwhile, having hiked up to 1524,58 points, the market could not fix at a new boundary.

On results of day the RTS index decreased 0,20 % - 1492,08 points, MISE index fell 2,10 % - up to 1313,85 points. LULOIL quotations have dipped 2,44 % in MISE (-2,80 % in RTS), Tatneft - 2,56 % (+2,20 % in RTS), Sibneft - 3,15 % (-1,06 % in RTS), Surgutneftegaz - 1,79 % (-0,09 % in RTS), Gasprom - 3,02 % (-3,06 % in RTS), JSC "EES" - 1,67 % (-1,57 % in RTS), Nornickel - 1,50 % (-0,38 % in RTS), Savings Bank - 3,86 %. Among “blue markers ” only Rostelecom shares managed to finish day with growth on 2,30 % in Moscow Interbank Stock Exchange (+2,98 % in RTS). Total amount of the tenders in RTS made 902,59 million dollars, in Moscow Interbank Stock Exchange - 3172,47 million dollars.

GASPROM

According to Interfax message Gasprom presented to Federal service on rates (FSR) of the Russian Federation its offers on indexation of the rates for gas transportation for independent manufacturers. Gasprom is interested in increase of rates of 20-25 %. FSR plans to approve new rates for gas pumping for independent manufacturers since July, 1st. We shall remind since 2006 a new technique for calculation of the given rate works in the Russian Federation: according to it the rate consists of two parts, and one of them depends on a place of an input and an output of gas from a pipe. And this year FSR approves not blanket rate - cost of pumping of 1 thousand cubic gas metres per 100 km (as earlier) - but a matrix of rates.

Last time the rate for independent manufacturers increased in October, 1st, 2005. Gasprom insisted on 30 %-s' increase, FSR approved 23 % - up to 23,84 roubles for 1000 m³ per 100 km. We believe that now this news will not influence significantly on dynamics of Gasprom quotations. While the share of incomes of a gas monopolist from granting services on gas pumping on gas-transport system is low (about 2 % from the company’s incomes). However in any case increase of rates for gas pumping is the positive moment for Gasprom, especially in view of prospects of growth of gas extraction by independent manufacturers.

Exchange analysts consider influence of this news on the balanced cost of the JSC shares as neutral so the share of incomes of gas transportation in the total gain while is not great. However the joint-stock company’s management considers it as a perspective direction, and in the near future the income of gas transportation can reach 9-10 % of total gain of joint-stock company.

Quotations of the papers have repeated general dynamics of the market, having designated a little correction of short-term uptrend. The previous recommendations remain without changes.