Nigerian NNPC raises crude formula prices: Update

Adds price table.

Nigeria's state-owned NNPC issued its official formula prices for August, raising the prices of all the main export grades by around 10-35¢/bl relative to North Sea Dated.

The higher formula prices reflect the stronger demand for Nigerian crude in Europe, India and the US, driven by a surge in gasoline prices.

The firm set the price of Qua Iboe, Nigeria's benchmark grade, at a premium of 61¢/bl to North Sea Dated, up by 26¢/bl on the month, with Bonny Light raised by 12¢/bl to a premium of 35¢/bl, Bonga set at a 26¢/bl premium and Agbami at a discount of 84¢/bl to North Sea Dated. The Usan price was set at a discount of $1.38/bl to North Sea Dated, a hike of $1/bl.

Only around 15mn-20mn bl of Nigerian crude remains unsold, less than when last month's formula prices were issued, after Indian refiners bought most of the 12-cargo Qua Iboe programme for August, and with some rare sales to US and Canadian refiners.

Nigerian official crude formula prices $/bl Grade Jul Aug &#177; Premium to North Sea Dated Bonny Light 0.23 0.35 0.12 Qua Iboe 0.35 0.61 0.26 Escravos 0.08 0.25 0.17 Brass River -0.48 -0.35 0.13 Pennington -0.18 -0.09 0.09 Forcados 0.44 0.55 0.11 Amenam -0.73 -0.36 0.37 Yoho 0.97 1.45 0.48 EA 1.17 1.36 0.19 Abo -0.03 0.34 0.37 Okono 0.60 1.00 0.40 Antan -2.85 -3.02 -0.17 Okwori 0.90 1.06 0.16 Bonga 0.06 0.26 0.20 Erha 0.75 1.14 0.29 Agbami -1.18 -0.84 0.34 Akpo -1.41 -0.99 0.42 Ukpokiti 0.51 0.97 0.46 Obe 0.32 1.03 0.71 Ima -0.45 0.26 0.71 Okoro -6.82 -7.89 -1.07 Oyo -1.43 -1.33 0.10 Okwuibome -3.03 -3.16 -0.13 Ebok -10.47 -11.30 -0.83 Usan -2.37 -1.38 1.01 Zafiro* -1.51 -1.44 0.07 Premium for deferred pricing 0.05 0.05 0.00 Premium for advanced pricing 0.05 0.05 0.00 *Equatorial Guinea

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