Higher offers emerge for Nigerian crude grades, but meet no buyers


Lagos Nigeria, Oct 10 – Higher offers emerged for Nigerian grades on Wednesday, but given the abundance of unsold cargoes, no buyers stepped forward, leaving differentials broadly unchanged.

* BP was once again offering Plutonio for loading in late November at a premium of $0.60 to dated Brent. The company has offered a number of Angolan cargoes in the past couple of weeks.

* The Angolan November programme has around four cargoes left for sale, down by one cargo from Tuesday.


* Nigerian cargoes have been slow to sell over the past few weeks, but this did not deter sellers from raising their offer prices for both Qua Iboe and Bonny Light.

* Both were offered around $1.70 a barrel above dated Brent, compared with recent indications closer to $1.55, but found no buyers.

* There are around 25 cargoes left for sale from the October and November programmes, marking very little change over the last week.

* The world’s biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic.

* India’s Chennai Petroleum Corp Ltd has shut a 74,000 barrel per day (bpd) crude unit at its 210,000 bpd Manali refinery in Southern India from Oct. 6 for about month for planned maintenance, the company said.

* Abu Dhabi National Oil Company (ADNOC) is building a crude oil storage facility under the mountains of Fujairah in the United Arab Emirates, industry sources familiar with the matter told Reuters. The underground Mandous facility will have the capacity to store about 40 million barrels of oil and is expected to be completed by 2020, one of the sources said.

* Turkish refiner Tupras will award a tender later on Wednesday for delivery of 1 million barrels of light sweet crude between Nov. 25 and Dec 10, with West African oil seen as an option, traders said.


* IOC has issued a tender for light sweet crude for December delivery that will be awarded on Thursday, traders said. (Reporting by Amanda Cooper; Editing by Kirsten Donovan) ))

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