Forcados to load at least two crude oil cargoes in May

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Nigeria’s Forcados crude is scheduled to load at least two cargoes of 950,000 barrels in May, the first volumes to load at the grade’s main terminal since November, and maybe up to four cargoes, according to traders, Platts reports.

One crude trader said one cargo would potentially be with Shell and one with Nigeria’s NNPC. In the Platts Market on Close assessment process Friday, Vitol initially offered 950,000 barrels of Forcados, basis CFR Rotterdam/Lavera at Dated Brent plus $2.55/b, for delivery June 20 to July 20. The indication was later lowered to Dated Brent plus $2.30/b.

The imminent restart of Forcados has been expected by the market, with recent signs pointing to the terminal reopening, as a couple of crude oil tankers arrived last week and have been waiting to load oil. Sources said at the time that Shell had been testing Nigeria’s key Trans Forcados oil pipeline into the terminal, with the Astro Perseus tanker already at the terminal. Forcados is however still currently under force majeure.