W. Africa Crude-Angolan exports to rise, but trading limited

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LONDON, Aug 16 – Angolan oil exports are set to hit a 13-month high in October, but trading was quiet as the market digested the plan and awaited Nigerian export schedules.
NIGERIA

* Little spot trade concluded as traders targeted the IOC tender and awaited new loading schedules.

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* Still around 10-15 million barrels from the September loading plan remain and sources said strong refinery margins were keeping differentials to dated Brent well supported.

* Offered differential levels were still firm, with Qua Iboe offered at dated Brent plus $1.70 and Forcados expected to trade above Qua.

* Protesters kept a Royal Dutch Shell crude oil facility in the Niger Delta closed for a fifth day, after storming the flow station and demanding jobs and investment last week.

* NNPC said Nigeria’s production cost per barrel of crude oil is down to $23 per barrel from a level of roughly $78 per barrel in 2015.
ANGOLA

* October loading plans included 1.7 million bpd aboard 55 cargoes, up from 50 in September and the highest bpd level since September 2016.

* Sonangol was expected to allocate at least 16 of these to term buyers.

* Differentials for Angolan oil have risen markedly in recent months, and traders said they expected them to remain elevated on the back of strong demand from the Americas and China.
TENDERS

* A tender competition from Indian Oil Corp for cargoes of West African crude loading in late October closes on Thursday.
RELATED NEWS

* U.S. crude oil inventories fell for the seventh consecutive week in their largest drawdown in nearly a year while exports and production continued to rise, the Energy Information Administration said on Wednesday.

* OPEC member Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources.

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