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Trading favours late buyers as prices for Nigerian crude trend downward

Trading favours late buyers as prices for Nigerian crude trend downward - trading, prices, nigerian grades, late buyers, buyers

Slower than usual for July-loading cargoes has encouraged sellers to drop but with offers remaining relatively high, especially for some , traders said will stand to benefit from discounts.

Heavy delays of around a week were reported to loadings on the Trans Forcados Pipeline despite flows reportedly resuming on May 24 after a shut-down caused by a fire.

Shorter delays were reported to loadings of Bonny Light, also operated by Royal Dutch Shell. Sellers of Nigerian were heard to be reluctant to lower high despite a lack of significant interest, with Bonny Light still being offered around a $3 premium compared to dated Brent.

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India’s IOC issued a tender for a West African grade for loading between August 1-10 due to close on Thursday. Indonesia’s Pertamina issued a tender for southeast Asian, Australian and for delivery between 9-11 August, set to close on Tuesday.

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