REFILE-W. Africa Crude-Spot trade stalls as sellers assess OSPs

Published 23/11/2020, 18:47
© Reuters.

(Fixews typographical error in headline)
LONDON, Nov 23 (Reuters) - Spot trade of Nigerian crude
stalled on Monday amid fresh tenders and as traders reassessed
values after official selling prices (OSPs) emerged.

* Nigeria's NNPC raised its December official selling prices
for Bonny Light BON-E and Qua Iboe crude oil QUA-E to dated
Brent minus 15 and minus 10 cents a barrel respectively.
* Around 20 to 25 December-loading Nigerian cargoes were
still available. A trading source expected spot differentials to
drop to attract European refiners weighed down by lockdowns.
* The price of Angolan Dalia has shot up close to $1 for
January cargoes versus December cargoes. Sonangol offered its
spot Dalia at dated Brent plus $1.80 last week before it was
sold quickly at close to the asking price, traders said.
* Key grade Girassol was also trading significantly higher
at close to dated Brent plus $2, traders said, up from a little
more than $1 for December cargoes.
* India's IOC issued a buy tender for West African crude
loading Dec. 27 to Jan. 5. The tender closes on Nov. 26.
* IOC issued a second tender for Jan. 1-10 loading for a
wide range of crude grades, including West African grades. The
tender also closes on Nov. 26.

RELATED NEWS
* Libya's National Oil Corporation (NOC) on Sunday said the
Central Bank of Libya (CBL) had inaccurately reported energy
revenue, adding that it would temporarily stop transfers of
sales income to the bank's account. * Nigeria has slipped into a recession after its gross
domestic product contracted for the second consecutive quarter,
according to data on Saturday showing the impact of the COVID-19
pandemic and low oil prices.

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