off-the-wire

W. Africa Crude-Asian tenders loom as Nigerian buying yet to perk up

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, April 13 (Reuters) - European buying of Nigerian crude had yet to resume despite the end of a month-long strike that shuttered French refineries, as sellers increased offer prices in anticipation of demand.


* Buying was muted as traders awaited the outcome of two Asian buy tenders.
* Pertamina tendered to buy late-May and early-June loading crude, with offers valid until Friday.
* Offers remained valid for a buy tender from Taiwan's CPC.
* Vitol again offered a cargo of Nigerian Agbami for around dated Brent flat.
* Offers of Nigerian Qua Iboe crude cargoes were at least $2.50 for May loading, a sharp rise from last week as stepped up European demand was awaited.
* Traders said the offers were likely too high given port congestion, the possibility of more strike disruption and large volumes of unsold crude weighing on the market.
(Reporting by Noah Browning; Editing by Kirsten Donovan)


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