September 19, 2019 / 3:46 PM / 8 months ago

W. Africa Crude-Nigerian programmes start to appear

    LONDON, Sept 19 (Reuters) - Nigerian crude loading
programmes started to be issued on Thursday while the premium of
prompt prices to future deliveries was heard to be dampening
demand, leaving a sizeable unsold volume on the market. 
    * Nigeria's state oil company raised October official
selling prices for Bonny Light and Qua Iboe to dated Brent plus
172 cents and 167 cents per barrel, respectively.
    * Asking prices were little changed. Qua Iboe was offered at
around dated plus $3.00, in line with earlier indications, a
trader said.
    * Exports of Qua will rise in November. The loading
programme lists 8 cargoes, up 2 from October, a trader said.
    * No programme was yet available for Bonny Light, which has
been under force majeure since last week.
    * Around 10 cargoes of October-loading crude were still
available, a sizeable number for this stage in the monthly
trading cycle.
    * Offers of November-loading cargoes were expected to be
pitched at higher levels than achieved by October cargoes, but
buyers cited a steep backwardation - when oil for immediate
delivery costs more than future supply - as weighing on their
willingness to pay up.  
    * Indian Oil Corp issued a tender for west African crude
loading in early November. The result, expected on Thursday, had
yet to emerge.
    * India's HPCL issued a buy tender for November-loading
crude, which closes next week.    

 (Reporting by Alex Lawler; Editing by Sonya Hepinstall)
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