Uruguay, Brazil pick up Nigerian crude but arbitrage remains in question

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Strong refinery margins kept demand elevated, enabling several more Nigerian cargoes to trade. But gains in dated Brent were closing off some arbitrage routes to other regions, traders said, putting future sales under threat.

According to Reuters, Vitol sold a cargo of Erha to Uruguay’s ANCAP via a tender. PetroIneos purchased a cargo of Forcados from BP and a cargo of Pennington. Prices were not clear for either purchase. Brazil’s Petrobras also purchased at least two cargoes of ultra-light Agbami crude.

Roughly 25 cargoes were left for September loading, a smaller amount than for the same period in recent months. Total won a tender to supply Indian Oil Corp with one VLCC of crude oil, traders said. It was not immediately clear whether the company bought any other cargoes, or which grades were included. The tender was for October-loading crude.