W. Africa Crude-Spot activity slows on disruptions and tenders

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FIle Photo - An Israeli gas platform, is seen in the Mediterranean sea, west of Israel's port city of Ashdod, February 25, 2013. REUTERS/Amir Cohen/File Photo

LONDON, April 29 – Spot deals got off to a slow start on Monday after two significant disruptions to large Nigerian streams and with traders focused on Indian tenders.

* About 10 cargoes of Angolan crude were left from the June programme.

* Three cargoes of new grade Mostarda were added to the programme while two May-loading cargoes – one Plutonio and one Girassol – were deferred to June.

* Royal Dutch Shell declared force majeure (FM) on exports of Nigeria’s Bonny Light crude after the closure of one of two export pipelines, the company said on Monday. Amenam, operated by oil major Total, is also under force majeure, trading sources said.

* The FMs affect about 300,000 barrels per day of crude. Oil will still load but at a much lower rate, with Amenam loadings expected to be about 25 days behind schedule.

TENDERS

* India’s IOC issued a tender for one cargo loading June 4-13, closing on Thursday.

* IOC also has a larger buy tender for more cargoes of West African crude loading June 12-21, closing on Thursday.
RELATED NEWS

* Tighter U.S. sanctions on Iranian oil planned for May are adding to factors curbing global supply of heavy-medium crude, driving up prices for scarcer barrels and setting up a stand-off between buyers and sellers.

* Clean Russian oil had reached the border with Belarus by midday on Monday, a Russian official said, five days after European refineries suspended imports because of contamination in the Druzhba pipeline. (Reporting by Julia Payne Editing by David Goodman)

Reuters

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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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