LONDON: Differentials for Nigerian crude were under pressure on low US refining demand and with Chinese refiners increasingly switching their slate to use more US crude over the last few months.
NIGERIA
Offers for Qua Iboe have fallen to around dated Brent plus $1.30-$1.40 a barrel and offers for Forcados to around dated Brent plus $1.30 a barrel.
Last week, the two grades were being offered at close to dated Brent plus $1.75-$1.80 a barrel.
The December Bonny Light programme was still not out and around 18 cargoes were left from the November schedule.
Total was offering a cargo of November loading Bonga at dated Brent plus 40 cents a barrel and a cargo of Escravos on a delivered basis, one trader on the buyside said.
ANGOLA
Angola’s state firm Sonangol still has four cargoes on offer, all December loading Dalia at dated Brent minus 30 cents a barrel. It also has a cargo of Nemba, that is not currently on offer.
Total was offering a cargo of December loading CLOV at dated Brent plus 75 cents a barrel and December loading Nemba at dated Brent plus 30 cents a barrel.
A handful of November loading Angolan were still trading.
TENDERS
Indian IOC’s tender for December loading crude was said to have gone to Chevron, two traders said, but this could not be confirmed. A third trader added that the grade was Nigerian Nemba.
Taiwan’s CPC is looking for December-loading West African crude in a tender closing on Thursday.
Thailand’s IRPC awarded its tender to a regional seller.
RELATED NEWS
Nigeria must remove its gasoline price cap to prevent shortages, enable investment and keep the government from using valuable resources to import fuel, delegates at the OTL Expo in Lagos said on Wednesday.
Source: Brecorder.com
