Nigeria’s October crude cargoes linger; awaits some November programmes

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A handful of cargoes have traded in November so far though October cargoes of Nigerian crude are still lingering as demand for that month has slowed due to limited arbitrage and stronger outright prices, Reuters reports.

There was still no sign of the Nigerian Bonny Light or Erha loading programmes for November. Bonny Light exports were still under force majeure but are expected to resume later this week as repairs on a pipeline are nearly finished. ExxonMobil sold a cargo of Qua Iboe loading Nov. 27-28 and a November loading cargo of Yoho, one trader said, without giving further details.

Phillips 66 bought a cargo of Forcados loading Nov. 21-22 and Preem bought a cargo of Brass River last week. Further details did not emerge. Bonny Light was heard offered at dated Brent plus $1.95 a barrel and Bonga at dated Brent plus $2.20 a barrel. Less than 10 cargoes are still available from Nigeria’s October loading programme.