W. Africa Crude-Nigerian programmes start to appear

Published 19/09/2019, 16:45
© Reuters.  W. Africa Crude-Nigerian programmes start to appear

LONDON, Sept 19 (Reuters) - Nigerian crude loading

programmes started to be issued on Thursday while the premium of

prompt prices to future deliveries was heard to be dampening

demand, leaving a sizeable unsold volume on the market.

NIGERIA

* Nigeria's state oil company raised October official

selling prices for Bonny Light and Qua Iboe to dated Brent plus

172 cents and 167 cents per barrel, respectively.

* Asking prices were little changed. Qua Iboe was offered at

around dated plus $3.00, in line with earlier indications, a

trader said.

* Exports of Qua will rise in November. The loading

programme lists 8 cargoes, up 2 from October, a trader said.

* No programme was yet available for Bonny Light, which has

been under force majeure since last week.

ANGOLA

* Around 10 cargoes of October-loading crude were still

available, a sizeable number for this stage in the monthly

trading cycle.

* Offers of November-loading cargoes were expected to be

pitched at higher levels than achieved by October cargoes, but

buyers cited a steep backwardation - when oil for immediate

delivery costs more than future supply - as weighing on their

willingness to pay up.

TENDERS

* Indian Oil Corp issued a tender for west African crude

loading in early November. The result, expected on Thursday, had

yet to emerge.

* India's HPCL issued a buy tender for November-loading

crude, which closes next week.

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