LONDON: A flurry of forthcoming tenders restricted spot trade in the Nigerian and Angolan crude markets on Tuesday.
State refiners in India, Indonesia, Taiwan and Thailand are all seeking light, sweet crude this week. Most are fairly regular buyers of West African grades, which made sellers reluctant to offer cargoes on the spot market, one trader said.
Meanwhile, BP was again bidding for Nigerian cargoes loading in late October and early November without making a purchase, traders said.
BP bid for a couple of cargoes of Forcados loading Nov. 5-12 at $1.50 a barrel above the dated Brent price. On Monday BP raised its bid price for Forcados and Bonga to as much as $1.70 a barrel.
Activity was muted ahead of the imminent release of the major Nigerian November loading programmes, traders said.
ANGOLA
The November loading programme will fall to 44 cargoes, from October's 49, according to a preliminary schedule seen by traders on Monday.
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