LONDON, March 21 – Only a small overhang of April-loading Nigerian cargoes remains, with two Indian supply tenders expected to mop up most.
Nigeria’s May loading programmes are expected to emerge later this week.
* Argentina is taking a rare cargo of Nigerian crude in April. Trafigura sold a cargo of Bonga destined for Argentina splitting it between Argentina’s YPF and Axion, traders said.
* According to Reuters ship-tracking data, Argentina took another cargo of Nigerian crude in early March this year and just one cargo last year. It picked up more Nigerian grades in 2015.
* About 10 cargoes remain from the April programme with Vitol showing cargoes of Qua Iboe, Escravos, Bonga and Brass River.
* ExxonMobil is still offering a cargo of Qua Iboe loading April 20-21. Offers for the grade have been around dated Brent plus $1.00 but levels are expected to be a bit lower, given the availability, one trader said.
* Total was offering Yoho and Bonny Light and Shell a cargo of Qua Iboe and Bonny Light.
* Traders said state firm Sonangol is keeping around six cargoes for spot sales out of the May programme, a larger portion than usual, including the Hungo, Saxi, Gimboa, Saturno and Dalia grades.
* Phillips 66 picked up a cargo of May loading Hungo last week from ExxonMobil, one trader said. Price details did not emerge.
* India’s BPCL issued a buy tender for May loading cargoes but end-April are included as well. Part two of the tender closes on March 29 with results to follow shortly after.
* Another Indian refiner HPCL is running a tender for first-half May-loading cargoes. The tender closes on March 22.
* Taiwan’s CPC tender closed on Monday.