There was downward pressure on Nigerian crudes, particularly as India’s BPCL opted for non-West African oil in its recent tender. An expectation of more Forcados cargoes in the coming weeks was also weighing on price ideas, Reuters reports.
Roughly 15 cargoes of June-loading Nigerian crude was still available to trade, as well as a good portion of the July loading plan. Grades such as Qua Iboe were offered by at least two sellers at premiums of around $1 per barrel versus dated Brent.
Forcados was quietly offered in the market, but price ideas were not immediately clear. Traders said the grade would likely have to trade at a discount to similar crudes until buyers were confident of its reliability.