Spot trade for Nigerian crude slows as Platts mulls Nigerian grades for Brent price

Spot trade remained fairly slow on Monday, as a major industry event in Asia kept activity in Nigerian cargoes subdued, and traders reported little in the way of offers.

At the Asia Pacific Petroleum Conference in Singapore, pricing agency S&P Global Platts said it was seeking feedback on possible reforms to its dated Brent price that would allow the benchmark to include more than just North Sea crudes and include crude like Qua Iboe and Forcados.

BP was offering early-October loading cargoes of Qua Iboe, at $1.60 a barrel above dated Brent, having bought barrels for those dates two weeks ago at closer to $1.70 a barrel. Buyers said this level was still too high, given a dearth of bids.

Friday saw a flurry of offers from Total and ExxonMobil, but these had dried up on Monday, two traders said. Some Nigerian loading programmes still had not emerged such as Usan and Brass River.

Source: Reuters

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