LONDON, Oct 31 – Some spot cargoes traded on Tuesday but overall buying interest had slowed due to rising freight rates, particularly to Asia.
* Nigerian Bonny Light, Bonga and Qua Iboe were being offered at around dated Brent plus $1.75 a barrel.
* Traders said that MRS and Trafigura sold cargoes of Forcados loading Dec. 5-10 but price and buyer details did not immediately emerge.
* About 15 cargoes of Angolan are still left from the December programme.
* Eni sold a cargo of Cabinda loading Dec. 16-17 to Unipec.
* BP was offering Kissanje at dated Brent plus $0.75 a barrel, Plutonio at dated Brent plus $0.20 and Pazflor at dated Brent plus $0.10.
* ExxonMobil was showing Saxi at dated Brent plus $0.60 and CLOV at dated Brent plus $0.90.
* Eni was offering Olombendo.
* “Freight is ridiculously expensive. It’s become a $1 a barrel more expensive going east, which puts the breaks on things,” one trader said.
* Tanker freight rates across sizes have jumped sharply since early October. VLCCs have gone from about World Scale 65 to around WS 100 in that period, according to Riverlake data.
* One trader said that sanctions on Iran, coming into effect Nov. 4, also meant the loss of the country’s tanker fleet, which has helped boost the market.
* Indonesia’s Pertamina issued a tender for crude delivered in January and February. The tender closes on Nov. 1 and bid remains valid until Nov. 5.
* Oil prices will likely fall next year to about $65-70 a barrel as demand is curbed by trade wars and weakness in emerging market economies, Vitol chief executive Russell Hardy predicted on Tuesday.
* A high-stakes competition is emerging among energy exporters proposing multi-million-dollar crude terminals along the U.S. Gulf Coast to handle a gusher of shale oil coming from West Texas oilfields.