W. Africa Crude-IOC mops up some Nigerian overhang

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LONDON, Oct 12 (Reuters) – Some Nigerian crude was taken via an Indian tender but spot activity remained thin with freight rates and a backwardated market structure denting Asian demand.

NIGERIA AND ANGOLA

* Vitol returned to the window offering a cargo of Forcados at dated Brent plus $3.40 a barrel on a delivered basis and Bonga at dated Brent plus $3.55 a barrel also on a delivered basis.

* India’s IOC was said to have awarded its latest tender to Chevron and Vitol with a total of 4 million barrels. A trader said that Chevron won with Escravos and Agbami.

RELATED NEWS

* Nigerian ex-head of state Olusegun Obasanjo backed his former deputy on Thursday for next year’s presidential election, ending a public feud that had threatened to undermine the main opposition candidate.

TENDERS

* Indian refiner HPCL was said to have issued a three-month term tender for crude delivering between December this year and March next year. (Reporting By Julia Payne; Editing by Susan Fenton) ))

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