Indian Oil Corp bought three West African crude cargoes in its latest tender, a trader said on Friday, while no offers were being shown in quiet trading amid the US Thanksgiving holiday.
India’s HPCL and Indonesia’s Pertamina did not buy any cargoes in their latest tenders and retendered, a trader said, likely because of high delivered prices given high freight rates.
Elevated freight rates, which the trader said stood at WS120, were curbing activity. According to Riverlake data, it would cost around that rate to ship a VLCC of Nigerian crude to the US.
The most recent offers heard were Kissanje at dated Brent minus $1 for December, which was a lower offer from last week’s minus 50 cents, Djeno at dated Brent minus $3.95, also for December, and Mondo, which was on offer at dated Brent minus $1.50 for January.
(Reporting by Seher Dareen and Alex Lawler)