Spot trading returns to Nigerian crude market following tenders


Some spot trading returned to the Nigerian crude market on Thursday after major Indonesian and Indian tenders were awarded, although results from a few were still awaited, Reuters reports.

Qua Iboe was offered at dated Brent plus $1.30, steady from an offer level reported on Nov. 2. Several cargoes are available. About four cargoes of Bonga were on offer at close to dated Brent plus $1.40-$1.50 a barrel.

Chevron sold a second cargo of December loading Agbami to U.S. refiner Delta. Vitol and Statoil were still said to have cargoes available.

India’s top refiner Indian Oil Corp on Wednesday began trading crude oil through its Singapore unit, buying a million barrels of Nigerian oil Akpo, the state-run company’s head of finance AK Sharma said.