W. Africa Crude-Nigerian diffs robust on rare Asian demand

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LONDON, Sept 11 – The outlook for Nigerian oil has
brightened as interest from Asian refiners has risen on
favourable margins and new marine fuel rules.

* Nigerian oil seldom flows as far as East Asia but is
receiving a boost as buyers seek alternatives to heavier oils
from the Middle East and elsewhere in West Africa.
* For some refineries, traders said, certain types of
Nigerian oil are now sought for refining into low-sulphur fuel
oil.
* More light sweet oil than usual has also been exported to
East Asia as Chinese gasoline exports surge.
* Barrels from the relatively new Egina offshore field were
being offered around an all-time high of $5 above dated Brent.
* Heavy and sweet, Egina has performed increasingly well as
IMO 2020 shipping rules loom.
* Nigerian Bonny Light was still being offered at a nearly
$3 premium compared with dated Brent – relatively high
considering especially steep competition from U.S. and North Sea
grades this month.
* Similar Angolan and Congolese grades are being marked
down to find buyers, with remaining barrels discounted about
10-20 cents daily.
* Between 5 and 10 cargoes of Angolan oil remain available
for export in October, as November programmes are expected early
next week.

TENDERS
* The validity for two tenders by Indonesia’s Pertamina for
light crude cargoes as well as condensate for late November and
early December delivery ended on Wednesday, though the winners
did not immediately emerge.

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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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