W. Africa Crude-Nigerian cargoes slowly clear, Qua and Forcados offered up

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LONDON, Aug 22 – Differentials for Nigerian crude edged up on Wednesday after a flurry of unsold cargoes traded on the spot market, although traders said the market was still oversupplied and the recent show of strength may not last.

* After the drift lower in differentials, several more unsold Nigerian cargoes have cleared, so that fewer than half a dozen are available from the August programme and around 12-15 from the September programme, traders said. This is down from close to 30 at the start of the week.

* Both Forcados and Qua Iboe have been bid up, traders said. Qua was last offered at more than $1.50 a barrel above dated Brent, from $1.00 the previous day.

* A cargo of Forcados was heard to have been offered up around $1.35 a barrel above the dated price, from $1.30 the previous day. “Let’s see how long sellers can stick with these numbers,” one trader said.

* Angola is set to export 49 cargoes in October after four cargoes of Gindungo, a new grade, were added to the preliminary programme. September had 47 cargoes.

RELATED NEWS
* U.S. crude oil stockpiles fell more than expected last week as imports declined and refinery runs held close to record highs, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.

* Spain’s Cepsa expects to restart the gasoline-making fluid catalytic cracker at its San Roque oil refinery on Aug. 22 after a brief planned outage, a spokeswoman said on Wednesday.

* The International Monetary Fund (IMF) said on Tuesday it would begin talks with Angola over providing financial support after the oil producing country’s economic growth was weaker than expected this year.

TENDERS
* Petroperu is seeking up to 760,000 barrels of West African, Latin American or U.S. crude, for delivery between Oct 9-26. The tender closed on Tuesday but the results had yet to emerge.

* Thailand’s PTT is looking to purchase between 300,000 and 1 million barrels of light sweet crude for delivery between Oct. 15 and Nov. 10. The results are due by Aug. 22.

* Taiwan’s CPC held a tender to buy an undetermined amount of light sweet crude for October delivery.

* India’s HPCL issued a tender for crude loading in the second half of October. The tender closes on Aug. 23 with results expected the following day. (Reporting by Amanda Cooper; Editing by Jan Harvey) ))

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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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