West African crude spot trade slows; Platts eyes WAF grades for dated Brent


New York, LONDON, Sept 24 – Spot trade remained fairly slow on Monday, as a major industry event in Asia kept activity in both Nigerian and Angolan cargoes subdued, and traders reported little in the way of offers.

At the Asia Pacific Petroleum Conference in Singapore, pricing agency S&P Global Platts said it was seeking feedback on possible reforms to its dated Brent price that would allow the benchmark to include more than just North Sea crudes.

“Platts is seeking feedback on the possible inclusion into the Dated Brent CIF Rotterdam assessment of grades like Statfjord, Gullfaks, CPC Blend, WTI Midland, Qua Iboe and Forcados,” the company said in a statement.

* BP was offering early-October loading cargoes of Qua Iboe, at $1.60 a barrel above dated Brent, having bought barrels for those dates two weeks ago at closer to $1.70 a barrel. Buyers said this level was still too high, given a dearth of bids.

Friday saw a flurry of offers from Total and ExxonMobil, but these had dried up on Monday, two traders said.

* Some Nigerian loading programmes still had not emerged such as Usan and Brass River.

* Traders said on Friday Angola’s state firm Sonangol sold its four spot cargoes to Unipec.

A supertanker carrying the first crude oil cargo to a refinery being jointly built by Malaysia’s Petronas and oil giant Saudi Aramco has arrived at Pengerang, as the two companies enter the commissioning and testing phase at the plant.

* Saudi Arabia and Russia will not add significantly more oil to the market because of a lack of capacity, a top Iranian official said on Monday, predicting prices will probably rise further.

* India’s HPCL awarded its tender for early November loading or early December delivery to Total.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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