More Nigerian crude oil cargoes have been placed with tender buyers as South Africa’s Sasol and India’s IOC picked up cargoes, Reuters reports.
Fewer than 10 May-loading Nigerian cargoes were still available to buyers, traders said, with Qua Iboe, Forcados and Escravos left. Offers were well above $1.50 premiums to dated Brent, with Erha pegged at a $1.80 per barrel premium. While multiple June-loading Nigerian cargoes had changed hands, traders said most of these were not yet promised to end users, meaning they could be re-offered.
South Africa’s Sasol had purchased a cargo of Nigerian Forcados, but the seller was not immediately clear. Traders said Chevron won a mini-tender issued last week by India’s IOC with a cargo of Nigerian Agbami. Indonesia’s Pertamina was running a tender to buy several million barrels for July delivery, with award expected on May 2. The company did not award a previous quarterly tender to buy oil, traders said.