Spot trade picks up on Nigerian crude as Shell’s force majeure on Bonny Light exports stay

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14 out of 20 people arrested by police in connection with the fuel heist have been charged over the theft of gas oil valued at almost S$6.5 million.

LONDON, July 5- Spot trade picked up on Nigerian crude on Thursday with the release of the Usan programmes and some more Angolan and Congolese crude moved.

* A trader said that Mediterranean refiners were supporting demand as they look for alternatives to Libyan crude, such as light west African grades, as the shutdown of the major eastern ports enters its third week.

ANGOLA
* Unipec bought two cargoes from Total. One was a cargo of Congolese Djeno and the other Nemba, a trader said, but price details were kept private.

* ExxonMobil has on offer an August-loading Girassol at dated Brent plus 60 cents a barrel, as well as a cargo of CLOV, at a premium of 40 cents, traders said.

* Chevron was still offering an August-loading cargo of Cabinda at dated Brent minus 40 cents a barrel. The company was also offering Nemba.

NIGERIA
* Several cargoes of Usan traded following the late release of its July and August loading programmes.

* ExxonMobil bought a cargo of July loading Usan from Nexen and Chevron sold its cargo to Cepsa also for July loading, traders said. Exxon is said to be keeping its July Usan cargo that it was allocated.

* Shell said that force majeure on Bonny Light exports was still in place and that the Trans-Ramos pipeline that feeds some crude to Forcados was still shut.

TENDERS
* India’s IOC awarded its tender for two VLCCs of west African crude, one from Vitol and the other from Statoil. The grades were said to be CLOV, Antan, Akpo and Agbami, traders said.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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