Statoil ASA failed to buy North Sea Forties crude at a higher price than its previous bid. Vitol Group sought to sell Nigerian Bonny Light and Escravos on the Platts pricing window. No bids or offers were made for Russian Urals blend.
U.S. Gulf Coast crude premiums plunged a day after Nigerian Bonny Light oil weakened to the lowest level versus Light Louisiana Sweet since March, boosting the appeal of sending cargoes from West Africa to the U.S.
Royal Dutch Shell Plc’s Nigerian unit declared force majeure on Bonny Light oil loadings for this month and July because of multiple fires on the Trans Niger pipeline, the company said in an e-mailed statement.
Royal Dutch Shell Plc sold 2 million barrels of Nigerian crude to Indian Oil Corp., the nation’s biggest refiner, said two traders, declining to be identified as they aren’t authorized to speak with the media.
Nigeria, Africa’s largest oil producer, plans to increase Bonny Light daily crude exports for October by 49 percent from September to 236,613 barrels a day, according to a loading program obtained by Bloomberg News.