Activity in the West African crude market got off to a slow start on Monday, as traders awaited the release of two major Nigerian programmes. Traders said there was no sign as yet of either the Bonny Light or the Forcados programmes, both of which are under Shell’s control.

Chevron was said to have sold a cargo of Nigerian Agbami for January delivery. Cargoes of Agbami for December delivery were said to have been indicated at a discount of 50 cents to dated Brent, while Amenam was shown at a premium of 55 cents, traders said.

Total has been showing Qua Iboe at a premium of $1.70 to dated Brent, where this grade has been indicated for a couple of weeks. But given the scale of the surplus of unsold cargoes in the market, buyers have been few and far between.

Source: Reuters