--DES Northeast Asia

Sources had views that spot cargoes for mid-November delivery might be traded at a discount of 5-6cts to the November contract to DES Northeast Asia spot quotations. A Chinese company stated, "As buying interest is weak, relative to the DES Northeast Asia spot quotations, the discount levels to be traded have been deepening." On Wednesday, British BP sold a cargo for Nov 14-16 delivery at a discount of 6cts to the November contract of DES Northeast Asia spot quotations to QatarEnergy Trading (QET). Apart from that, some sellers holding November delivery were observed. Offers for November delivery were reported at a discount of 6cts to a premium of 10cts to the spot quotations. Meanwhile, bids for November delivery stood at discounts of 10-15cts to the quotations for November. In the trade for December delivery, European Gunvor sold one cargo for Dec 10-11 delivery to French TotalEnergies at a discount of 5cts to DES Northeast Asia quotations for December. In the buyers' market, only a limited number of players cast offers for December delivery. On the other hand, buyers cast bids for December delivery at a discount of around 20cts to the quotations for December, with an aim to seek further concessions from the seller side.

--FOB Middle East, DES South Asia and the Middle East

India's state-run GAIL awarded a swap tender closed on Sep 25, though details including the winter and prices of the tender were not immediately available. In the tender, GAIL called for one cargo each month totaling 12 cargoes annually to the 5 mil mt/year Dhamra terminal in 2027 on a DES basis and instead sell one cargo each month totaling 12 cargoes annually out of the 5.3 mil mt/year US Cove Point terminal in the US in 2027 on an FOB basis. GAIL mulled selling US cargoes on a floating basis linked to US Henry Hub (H.H.) natural gas quotations.

--FOB Atlantic, DES Europe and South America

Nigerian National Petroleum Corp (NNPC) awarded two cargoes to Abu Dhabi National Oil Corp (ADNOC) in the United Arab Emirates (UAE) in a sell tender on an FOB basis closed on Sep 19. European Gunvor and Nigerian trader Linetrale also won one cargo each. The price was at a slope of about 15% against Brent crude oil prices. The tender offered a combined four cargos for loading out of the 22 mil mt/year Bonny Island project during Oct 18-23, 2025, Feb 22-27, 2026, May 9-14 and Aug 12-17.