Nigerian crude oil differentials were largely unchanged yesterday, after a series of offers from Shell for October-loading cargoes drew no buyers, and even BP, which has been an active bidder this week, showed unwillingness to pay higher prices.
Shell was said to be offering at least 10 cargoes with a variety of Nigerian grades, including the four major ones. Reuters quoted traders as saying Shell was showing offers at between $1.90 and $2.00 a barrel above dated Brent, the highest for any of the grades in the last seven months. They added that given where current bidding interest was, the prices were unlikely to be achieved.BP was heard to be bidding for cargoes of Bonga and Forcado loading in early November at around $1.60 above the dated Brent price, down from bids of about $1.75 on Tuesday. Read more