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Sale of Nigerian Crude Lags

by Business News Report

Nigerian benchmark Qua Iboe for December was offered around dated BFOE plus $3 a barrel late on Friday, crude oil traders have disclosed in London. According to them it was not clear whether the grade has been sold. Bonny Light was assessed about 10/20 cents below Qua Iboe. They said Okono and Okwori have been sold out. But the names of the buyers did not emerge as at Monday.

So far, U.S. demand for Nigerian crude and light Angolan crude has been limited. ConocoPhillips has bought about three cargoes of Libyan crude for November and is reducing purchases of Nigerian, traders said.
Traders said U.S. gasoline cracks to LLS were just above breakeven and below 20 cents a barrel. European gasoline cracks to dated BFOE briefly slipped below breakeven last week. So far, three cargoes of Qua Iboe, two cargoes of Bonny Light, one Forcados and one Agbami have been committed to Indian refinery tenders for December. India’s Bharat Petroleum Corp (BPCL) is expected to buy some crude via a tender, which But the latest tender from the country’s largest refiner Indian Oil Corp (IOC) is already for January loading barrels, and it suggests any upside in demand for December loading Nigerian crude might be limited.

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