Sellers stayed largely on the sidelines on Thursday owing to a few tenders that were due to close while some Nigerian spot traded.

High freight rates and a backwardated futures curve were weighing on demand. There are around 15 unsold cargoes from the 58-strong Nigerian October loading programme, down from nearly 20 at the end of last week, traders said. The November programme, the largest in six months, has been slow to sell.

Total sold a cargo of Bonga at a premium of $1.70 a barrel to dated Brent. Total was also said to have sold a cargo of Nigerian Usan to Cepsa. India’s MRPL is looking for up to 4 million barrels of crude between November and December. IOC was said to have awarded its December arrival tender to Shell and Chevron but grade details were not immediately available.

Source: Reuters