NIGERIA

Shell was said to be offering at least 10 cargoes with a variety of Nigerian grades, including the four major ones. Traders said Shell was showing offers at between $1.90 and $2.00 a barrel above dated Brent, the highest for any of those grades for at least seven months. They added that given where current bidding interest was, such prices were unlikely to be achieved.

BP was heard to be bidding for cargoes of Bonga and Forcados for loading in early November at around $1.60 above the dated Brent price, down from bids of around $1.75 on Tuesday. In the absence of the November loading schedules, few were likely to be in a position to sell cargoes for those dates, traders said.

BP has bought at least seven cargoes which are linked to the swaps market, in the last couple of weeks, but was thought to have possibly bought more, traders said. The cargoes are made up of a combination of Bonny Light, Bonga, Qua Iboe and Forcados.

Vitol was said to be offering a cargo of Forcados at around $1.60.

ANGOLA

Just under 10 cargoes remain from the October programme, with the November schedule due on Monday. Unipec was said to be offering Olombendo at a premium of $1.20, as well as Congolese N'Kossa at 60 cents above dated Brent.

RELATED NEWS

The InterContinental Exchange (ICE) on Monday launches its first set of derivatives linked to the West African crude oil market, aimed at an industry that has called for a strengthening of the dated Brent benchmark.

Traders will be able to use the ICE platform from Sept. 17 to trade a derivatives contract linked to Nigeria's four largest crude oil grades - Bonny Light, Forcados, Qua Iboe and Bonga.