Tuesday , 20 March 2018

W. Africa Crude-October cargoes linger, some Nov programmes still awaited

A handful of cargoes have traded in November so far though October cargoes of Angolan and Nigerian are still lingering as demand for that month has slowed due to limited arbitrage and stronger outright prices.

There was still no sign of the Nigerian Bonny Light or Erha loading programmes for November. Bonny Light exports were still under force majeure but are expected to resume later this week as repairs on a pipeline are nearly finished.

ExxonMobil sold a cargo of Qua Iboe loading Nov. 27-28 and a November loading cargo of Yoho, one trader said, without giving further details.

Phillips 66 bought a cargo of Forcados loading Nov. 21-22 and Preem bought a cargo of Brass River last week. Further details did not emerge.

Bonny Light was heard offered at dated Brent plus $1.95 a barrel and Bonga at dated Brent plus $2.20 a barrel.

Less than 10 cargoes are still available from Nigeria’s October loading programme.

On the Angolan front, about five October cargoes remain though some November trade has already taken place. At least one cargo of CLOV.

Dalia was heard shown at dated Brent plus 5 cents, Pazflor at dated Brent plus 45 cents and Plutonio at dated Brent plus 65 cents a barrel.

Indian Oil Corp issued two tenders to buy crude, one for December-loading West African grades and another for November-loading U.S. crude. Both close next week.

A tender from Indonesia’s Pertamina closed on Monday with details expected to emerge on Tuesday.

  •   Julia Payne; Reuters





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