Nigeria raises crude selling prices, trims Qua loadings


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.


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


  • 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.

* 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.

This site uses Akismet to reduce spam. Learn how your comment data is processed.