W. Africa Crude: Angola loading programme released, diffs under pressure

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* Angola’s crude oil exports are expected to fall to 1.51 million barrels per day (bpd) in March, a loading programme showed on Tuesday. The total monthly volume is actually higher than February at 46.9 million barrels but the greater number of days in March trims the barrel-per-day figure.

* Differentials were under pressure owing to an abundance of competing light grades.

ANGOLA

* Total was still offering a February-loading cargo of Girassol on a delivered basis, but the programme was otherwise largely sold out. Girassol was valued at discounts to dated Brent.

* There were no offers from the freshly issued March programme as term barrels still needed to be allocated.

NIGERIA

* Around 20 cargoes were still available from the February programme.

* ExxonMobil was offering a cargo of Qua Iboe loading Feb. 18-19 at dated Brent plus 70 cents a barrel but recent deals were said to have been done at dated Brent plus 50 cents a barrel or lower.

TENDERS

* India’s HPCL issued a buy tender for March loading cargoes. The results are expected at the end of the week. (Reporting by Julia Payne; Editing by Alexandra Hudson)

 

 

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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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