AIRLINK 207.89 Decreased By ▼ -4.93 (-2.32%)
BOP 10.31 Increased By ▲ 0.06 (0.59%)
CNERGY 6.83 Decreased By ▼ -0.17 (-2.43%)
FCCL 33.52 Increased By ▲ 0.05 (0.15%)
FFL 17.08 Decreased By ▼ -0.56 (-3.17%)
FLYNG 21.65 Decreased By ▼ -0.17 (-0.78%)
HUBC 129.25 Increased By ▲ 0.14 (0.11%)
HUMNL 14.09 Increased By ▲ 0.23 (1.66%)
KEL 4.76 Decreased By ▼ -0.10 (-2.06%)
KOSM 6.84 Decreased By ▼ -0.09 (-1.3%)
MLCF 43.00 Decreased By ▼ -0.63 (-1.44%)
OGDC 215.90 Increased By ▲ 2.95 (1.39%)
PACE 7.15 Decreased By ▼ -0.07 (-0.97%)
PAEL 42.29 Increased By ▲ 1.12 (2.72%)
PIAHCLA 16.88 Increased By ▲ 0.05 (0.3%)
PIBTL 8.40 Decreased By ▼ -0.23 (-2.67%)
POWER 8.84 Increased By ▲ 0.03 (0.34%)
PPL 185.60 Increased By ▲ 2.57 (1.4%)
PRL 39.34 Decreased By ▼ -0.29 (-0.73%)
PTC 24.80 Increased By ▲ 0.07 (0.28%)
SEARL 98.48 Increased By ▲ 0.47 (0.48%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 40.67 Decreased By ▼ -1.06 (-2.54%)
SYM 18.39 Decreased By ▼ -0.47 (-2.49%)
TELE 9.20 Increased By ▲ 0.20 (2.22%)
TPLP 12.38 Decreased By ▼ -0.02 (-0.16%)
TRG 65.99 Increased By ▲ 0.31 (0.47%)
WAVESAPP 10.86 Decreased By ▼ -0.12 (-1.09%)
WTL 1.83 Increased By ▲ 0.04 (2.23%)
YOUW 4.04 Increased By ▲ 0.01 (0.25%)
BR100 11,852 Decreased By -14.4 (-0.12%)
BR30 35,958 Increased By 260.4 (0.73%)
KSE100 113,938 Decreased By -210.2 (-0.18%)
KSE30 35,848 Decreased By -104.2 (-0.29%)

LONDON: Vitol has won a tender to supply India's IOC with crude oil, but other trading was limited on Thursday as differentials rose and some buyers baulked at higher prices.

ANGOLA

Trading slowed on the remaining cargoes from the January export plan, as some delays in Chinese crude allocations kept buyers off the market.

Just under 10 cargoes remained available.

Strength in dated Brent, and backwardation in the market, were limiting other demand from Eastern buyers.

The February loading plan was expected early next week.

NIGERIA

Sellers continued to offer light crude cargoes at higher prices, particularly grades such as Forcados or Bonga that could replace North Sea Forties.

Qua Iboe was offered as high as $1.95 per barrel above dated Brent, and Bonga at premiums up to $1.60 and Forcados as high as $1.80 per barrel.

While some buyers said these differentials could work, others said European buyers were more likely to take either Libyan or Algerian crude, which is closer, or US crude, which is priced against cheaper WTI futures.

Roughly 25 cargoes were left to trade.

TENDERS

Vitol won at least part of a tender to supply Indian refiner IOC with crude. IOC purchased 4 million barrels, traders said, with Vitol getting at least 2 million.

The grades in the award were not immediately clear.

Indian refiners MRPL and HPCL are also running tenders to buy oil.

RELATED NEWS

The global oil market will likely show a surplus in the first half of 2018, as rising US supply offsets OPEC's discipline in maintaining its production cuts for the whole of next year, the International Energy Agency said.

Nigerian state governors approved the release of $1 billion from the country's excess oil account to the government to help fight the Boko Haram Islamist insurgency.

Saudi Aramco, the world's largest oil producer, aims to regain lost market share after an OPEC-led supply-cut pact ends and plans to push ahead with a downstream expansion strategy to be on par with Big Oil, its chief executive said.

 

Copyright Reuters, 2017

Comments

Comments are closed.