Several Nigerian crude cargoes cleared at the tail end of last week after some tenders closed, but traders remained on the sidelines on Monday with three Indian tenders due to be awarded this week, Reuters reports.
BP sold a cargo of end-October loading Erha but details of the buyer did not immediately emerge. ExxonMobil sold its Oct. 6-7 cargo of Qua Iboe at the end of last week but the identity of the buyer remained unclear. Litasco was still offering a cargo of Qua Iboe.
Qua Iboe offers fell over the past week from as high as dated Brent plus $1.80 a barrel to dated Brent plus $1.65, partly because of Tropical Storm Harvey. The grade was pegged lower than that at about dated Brent plus $1.30-$1.40 a barrel.
Chevron sold a cargo of September-loading Pennington to South Africa, several trading sources said. India’s BPCL issued a buy tender for cargoes loading Oct. 25 to Nov. 5. The tender closes on Sept. 6. India’s IOC has two tenders out. IOC is seeking a wide variety of grades, with West African ones sought for loading Nov. 1-10, Nov. 5-20 and Nov. 20-30.