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W. Africa Crude-More Angolan Trades, Nigeria Hikes Prices

Sales of more Angolan crude were reported despite a squeezed arbitrage to Asia, while Nigeria on Monday sharply raised its official selling prices for October.

At least 12 cargoes of November-loading Angolan crude are still available, a trader said, after a few more cargoes found homes in the last few days.

Angola plans to load 32 crude oil cargoes in November, compared with 37 in October.

Trade has been limited by a strong Brent/Dubai spread, dealers have said, which makes crude such as West African priced against the Brent benchmark less competitive in Asia, the major outlet for West African exporters.

Nonetheless, Sonangol was heard to have moved its cargo of Plutonio to Sinochem as a term deal.

Sonangol also took back a Dalia cargo that was originally assigned to Sinochem and supplied it to Indian Oil Corp after another cargo got delayed, a trader said.

On Nigerian crude, official selling prices for October were released on Monday and showed higher prices for key grades, with Bonny Light and Qua Iboe each hiked by over $1 a barrel.

There were no spot offers on Monday and the last offers were in excess of dated Brent plus $4.20, suggesting a strong market, a trader said.

Source : Hellenic Shipping News Worldwide