W. Africa Crude-Nigerian diffs firm on U.S. imports of European gasoline

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LONDON, July 3 (Reuters) – Demand for Angolan and Nigerian crude was seen to be picking up on Wednesday ahead of new marine fuel regulations set for 2020 and a rise in European gasoline exports to the U.S. East Coast.
NIGERIA

* Gasoline exports from Europe to the U.S. East Coast rose in recent days after the June 21 fire at the 335,000 barrel-per-day Philadelphia Energy Solutions Inc refinery, with around 555,000 tonnes of gasoline and blending components booked in the first week of July.

* European gasoline cracks have mounted and while these factors favour Nigerian imports, traders say expectations for even better margins in the short term are stoking interest.

* But U.S. gasoline stocks fell by 1.6 million barrels, the Energy Information Administration (EIA) said, less than analysts’ expectations.

* Around 10-15 cargoes were heard to remain for July loading.

* Price offerings for August loading cargoes of major grades Bonny Light and Qua Iboe were around a premium of $2.50-$2.60 compared to dated Brent, up from late spot sales of July loading cargoes closer to $2.30-$2.40.

ANGOLA

* Interest in heavier and more sour Angolan grades was heard to be mounting, though top buyer China remained interested in competing Middle Eastern grades.

* China is already capitalising on a narrowing Brent-Dubai spread to make more brisk purchases of Angolan crude.

* A little less than 20 cargoes remain for August, with sales of around a couple cargoes per day.
TENDERS

* India’s IOC issued a new buy tender for west African crude loading Sept. 1-10, closing on Thursday.

* Indonesia’s Pertamina has issued a tender for crude loading Aug. 1-8 set to close on Friday.

RELATED NEWS

* At least 50 people were killed in Nigeria when fuel from a crashed truck that they were collecting caught fire, a spokesman for the governor in Benue state said on Tuesday.

* Gasoline exports from Europe to the U.S. East Coast rose sharply in early July after a fire at a major refinery in Philadelphia left a supply shortage in the densely populated region. (Reporting by Noah Browning; editing by David Evans) ))

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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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