Nigeria’s NNPC lowers Bonny Light crude selling price as Angola sells due to open arbitrage


Lagose, July 19 (Naija247news) – Nigeria’s state oil company on Wednesday lowered the August official selling price (OSP) for Bonny Light crude oil to dated Brent plus 65 cents per barrel from a premium of 73 cents in July as Angolan grades were selling swiftly but Nigerian traders stayed on the sidelines as key programmes were still missing.

* Angola’s state firm Sonangol was allocated 19 cargoes of crude to market in September and most have already traded. About five cargoes were still on offer including Cabinda, Sangos, Dalia and Saturno.

* Low freight rates and favourable spreads to Asia helped the quick sale.

* This week, Brent crude’s premium to Dubai DUB-EFS-1M fell to $2 a barrel, the lowest since early October last year, Reuters data showed.

* Traders were still waiting for loading programmes for several key Nigerian grades, namely Forcados and Bonny Light.

* India’s IOC awarded its tender to buy crude loading Sept. 9-19 to BP and Chevron, traders said. The tender closes on Wednesday.

* Indonesia’s Pertamina issued a new crude tender for September delivery. It closes on July 18 and remains valid until July 20.