BP bid for many cargoes of four Nigerian grades in the window on Thursday at the same level for a third consecutive session. Separately, a few spot cargoes changed hands while India’s IOC and Indonesia’s Pertamina both took multiple cargoes of west African crude in their latest tenders.

BP returned again to the window to bid for 9 cargoes of Forcados, Bonny Light, Qua Iboe and Bonga all loading at various times throughout October up to dated Brent plus $1.70 a barrel. The level was unchanged from the previous two sessions when BP bid for the same cargoes.

The four grades are used to underpin the contracts-for-difference swaps market and trading in the physical market can frequently be linked to a position on the paper side. Just under 30 cargoes of Nigerian crude were available from the Nigerian programme.

Source: Reuters