LONDON, Oct 17 (Naija247news) – Offers for Nigerian cargoes edged higher on Wednesday, although traders said the recent burst of buying activity appeared to have fizzled out ahead of the release of the December export programmes.
* Traders were said to be waiting for their respective term allocations of December-loading crude following the release of the monthly loading programme the previous day, meaning spot activity was muted.
* Angola will export 46 cargoes of crude in December, two trade sources said on Tuesday. That is the same number as November and amounts to a slightly lower daily rate.
* For details, see
* Most of November’s cargoes are sold.
* After a burst of activity late last week, driven in part by Indian demand, spot trade has cooled off somewhat this week, one trader said.
* Glencore was still said to be offering Qua Iboe at a premium of around $1.70 a barrel to dated Brent, above recent indications of closer to $1.60-1.65, while ENI was said to be offering Bonga at similar levels.
* The December programme is due to emerge later this week but almost 20 cargoes of November-loading Nigerian crude was still available for sale.
* Nigeria’s state oil company on Wednesday denied parliament’s accusation that it had a $3.5 billion fund to surreptitiously subsidise imports of gasoline.
* Nigeria’s upper house of parliament plans to investigate an alleged $3.5 billion fuel subsidy fund at state oil firm NNPC, lawmakers said on Tuesday.
* Indian refiner HPCL was said to have issued a three-month term tender for crude delivering between December this year and March next year.