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OIL: Nigerian Bonny Light Crude Offered Higher: Reuters

OIL
Energy BulletsBulletCommodities

Nigerian Bonny Light crude was offered higher Jan. 17 in a sign that an expectation of greater demand for alternative grades due to new US sanctions on Russia is embordering sellers, Reuters said.

  • Bonny Light was offered at dated Brent plus $2.20/b, over $1/b up on the previous offer level.
  • This is a concrete sign of higher offers, a trend that traders expected as Chinese buyers looks for alternatives to sanctioned barrels.
  • However, buyers had been reluctant to pay up due to higher flat prices, traders told Reuters.
  • On Angolan crude, traders said there was not much March-loading activity after the loading programme was released Jan. 16.
  • Angola plans to load 32 crude cargoes in March, up from 28 in February, according to a preliminary loading programme seen by Reuters’ sources.
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Nigerian Bonny Light crude was offered higher Jan. 17 in a sign that an expectation of greater demand for alternative grades due to new US sanctions on Russia is embordering sellers, Reuters said.

  • Bonny Light was offered at dated Brent plus $2.20/b, over $1/b up on the previous offer level.
  • This is a concrete sign of higher offers, a trend that traders expected as Chinese buyers looks for alternatives to sanctioned barrels.
  • However, buyers had been reluctant to pay up due to higher flat prices, traders told Reuters.
  • On Angolan crude, traders said there was not much March-loading activity after the loading programme was released Jan. 16.
  • Angola plans to load 32 crude cargoes in March, up from 28 in February, according to a preliminary loading programme seen by Reuters’ sources.