Nigeria crude price has risen after refiner BP bought more October-loading cargoes in the daily trading window and bid for a number of different grades.
BP bought two more cargoes of October-loading crude from Vitol.
According to three traders,The company bought one cargo of mid-October loading Bonny Light at $1,55 a barrel above dated Brent and a late October/early November-loading cargo of Qua Iboe at $1.75 above the dated price.
BP was also said to have bid for the four largest grades, Bonny Light, Qua Iboe, Forcados and Bonga, as high as $1.75 a barrel, from closer to $1.65 on Monday. BP built up a fairly sizeable position in October-loading cargoes of the four grades, which are linked to the swaps market, in the last week or so.
CREDIT: ENERGY MIX REPORT
