Friday , 27 April 2018

W. Africa Crude-Angolan cargoes trade, Total wins IOC tender

Angola’s state oil company Sonangol has sold out of its May-loading cargoes, while Indian buyers purchased West African crude, according to Reuters.

ANGOLA

Reuters stated that Sonangol sold its three remaining May cargoes, traders said.

It disclosed that China’s Unipec purchased the Dalia it was offering, while another Chinese buyer took the Sangos. Sources said the Saturno likely went to a trade house.

The agency stated that Sonangol had lowered its offers levels several times, last showing the Dalia at a $1.50 per barrel discount to dated Brent, the Sangos at minus 90 cents and the Saturno to minus $1.50.

Roughly a dozen cargoes remained available from the May loading plan, traders said, with the June export plan due early next week.

NIGERIA

Reuters stated that Indian refiner Reliance purchased two cargoes of Nigerian oil, one Usan and one Qua Iboe, traders said.

A source said Total had sold the cargoes, but confirmation was not immediately available.

Total, Shell and other oil companies have been offering cargoes, traders said, but many potential buyers said the differentials remained too high for them.

Bonga was offered as high as $1.90 per barrel above dated Brent, Bonny Light in a range from $1.60-$1.90 per barrel and Agbami at 60 cent premiums.

TENDERS

Total placed a VLCC with 2 million barrels of oil into India’s IOC, which tendered to purchase several millions of barrels loading in June and July.

The grades in the award were not immediately clear, nor was it clear if there were other winners.

Indian refiner MRPL opted for a non-West African grade in its tender to buy 600,000 barrels for June 1-15 loading. One trader said they had instead purchased Latin American crude.

Indonesia’s Pertamina was also running a tender to buy 600,000 barrels of May-loading oil.

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