Nigerian crude differentials eased slightly on Wednesday and traders said the market appeared to be running out of steam after its recent run higher that was backed by a flurry of purchases from BP.
NIGERIA: * BP bid for cargoes of Qua Iboe, Bonga and Forcados for loading in late October, but at lower levels than it did earlier this week. * Traders said bids for the three grades came in at a premium of $1.65 to the dated Brent price, down from bids of $1.75 on Tuesday.
* BP has bought at least seven cargoes, made up of a combination of Bonny Light, Bonga, Qua and Forcados, which are linked to the swaps market, in the last couple of weeks, but was thought to have possibly bought more, traders said.
* Vitol was thought to be virtually the sole seller. * Vitol was said to be offering a cargo of Qua Iboe specifically for delivery in northwest Europe, as well as Forcados, traders said.
ANGOLA * Fewer than a dozen cargoes of October loading crude are still unsold. Unipec was said to be offering Olombendo and Nigerian Antan and Congolese N’Kossa.
* Among the crude still available are one or two cargoes of Gindungo held by Total.
TENDERS: * IOC was said to have awarded a tender to purchase either West African or U.S. crude for loading on Nov. 5-15 to Total, although it was not immediately clear which grade the refiner would take, two traders said. * Indonesia’s Pertamina recently bought two 950,000-barrel cargoes of Bonny Light from Shell and Chevron for October arrival. Reuters
Pix: West African Crude
