Nigeria raises crude selling prices, trims Qua loadings

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LONDON, June 23 – Nigeria issued its official selling prices and started to issue its latest loading programmes on Tuesday, while spot trading of August-loading Angolan crude got under way.

PLATTS WINDOW

  • No pricing indications for West African crude were seen on Tuesday, a trade source said.

NIGERIA

  • Nigeria raised its July official selling prices for Bonny Light and Qua Iboe crude to dated Brent plus 19 cents and plus 22 cents per barrel, respectively, reflecting a stronger market.

  • Loading programmes for August also started to emerge and point to lower supply, in line with Nigeria’s commitment to cut output further following an OPEC-led supply cut deal. The Qua Iboe stream will load just six cargoes.

  • Bonny Light and Qua Iboe were still being offered at dated Brent plus 50 cents to $1.00, depending on loading dates, a trader said.

ANGOLA
* Sonangol has already sold August-loading spot cargoes of Dalia and Cabinda, to trading companies, traders said. There are 38 August-loading cargoes in the programme, of which Sonangol allocated 13 to term customers.

  • Sellers say the market has shown signs of recovery but there was a degree of uncertainty about the level of Chinese demand. One large Chinese buyer has yet to bid for any August barrels.

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