August 8, 2020

Mexican mix closes strongly in May and is close to $ 30 per barrel



The Mexican export mix (MME) closed strongly in May and this Friday reached a price of $ 29.87 per barrel, reported the state company Petróleos Mexicanos (Pemex).

Mexican crude started May at a price of $ 12.50 and this last business day. It has reached $ 29.87, that is, it rose more than double its price in the month.

The price of this day of the Mexican mix represented an increase of 6.5% or $ 1.95, compared to the $ 27.92 it had this Thursday.

It was 13 cents that the Mexican crude lacked to reach the ceiling of 30 dollars.

The price of the Mexican mixture on this day was the best since March 6 when it reached $ 35.75 and there was a break between Russia and the Organization of Petroleum Exporting Countries (OPEC) that flooded the market.

In early April, Mexico’s Ministry of Finance and Public Credit (SHCP) announced that it expected the price of the Mexican mix to recover this year, to $ 24 per barrel, after it was affected by the price war. of oil and a free fall in world demand due to the COVID-19 pandemic.

Just last month, the Mexican mix hit two record lows: a negative price of $ -2.37 per barrel on April 20, and one of $ 6.55 on April 27.

Although the almost $ 30 this Friday is a good price, it is located almost $ 20 below the initial estimate by the SHCP, which reported that the contracted oil hedges guaranteed an average price of $ 49 per barrel, it was aligned with the one established in the 2020 budget.

In its report for the first quarter of the year, Pemex reported more losses than in all of 2019, when it registered losses of $ 18,367 million, almost double the $ 9.575 million that it also lost in 2018.

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