Nigerian crude prices rise after BP purchased October cargoes

Date:

Lagos Nigeria, Sept 11 – Nigerian crude prices rose on Tuesday after refiner BP bought more October-loading cargoes in the daily trading window and bid for a number of different grades.

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NIGERIA
* BP bought two more cargoes of October-loading crude from Vitol. The company bought one cargo of mid-October loading Bonny Light at $1,55 a barrel above dated Brent and a late October/early November-loading cargo of Qua Iboe at $1.75 above the dated price, three traders said.

* BP was also said to have bid for the four largest grades, Bonny Light, Qua Iboe, Forcados and Bonga, as high as $1.75 a barrel, from closer to $1.65 on Monday.

* BP built up a fairly sizeable position in October-loading cargoes of the four grades, which are linked to the swaps market, in the last week or so.

* Traders at two refiners said this had tightened availability to the point where sellers were loath to cut their prices, even though half the October loading programme is still up for sale, with just days to go before the release of the November schedules.

ANGOLA
* Fewer than a dozen cargoes of October loading crude are still unsold. ENI and Unipec were still said to be offering Olombendo, with the latter also said to be offering cargoes for delivery in China.

* Among the crude still available are one or two cargoes of Gindungo held by Total.

TENDERS
* Indian Oil Corp is running a tender to buy West African or U.S. crude for loading on Nov. 5-15. The tender closes on Tuesday and the result is likely to emerge on Wednesday.

* Indonesia’s Pertamina recently bought two 950,000-barrel cargoes of Bonny Light from Shell and Chevron for October arrival. (Reporting by Amanda Cooper; Editing by David Evans) ))

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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