W. Africa Crude-More Angolan trades, Bonga maintenance starts

Date:

LONDON, March 6  – Angolan crude cargoes were steadily finding buyers while delays in the loading of Nigerian crude Qua Iboe were weighing on differentials, traders said on Monday.

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Shell said it halted production at Nigeria’s Bonga oil field on March 4 for maintenance that will last at least a month. Traders had expected work on Bonga due to a lack of scheduled March exports.

NIGERIA

* Loadings of Qua Iboe, Nigeria’s largest crude stream, have been delayed by pumping and metering issues on the export pipeline.

* Sellers were still looking for around dated Brent plus $1 a barrel for Qua Iboe, but one potential buyer pegged the value lower due to the delays.

ANGOLA

* Cargoes are clearing steadily. The number of available April cargoes has come down to 15-20 after recent deals, traders said, down from an estimate of just under 20 on Friday.

* Unipec has sold some of the cargoes it was offering on Friday, including the March-loading Dalia which was being offered at flat to dated Brent, a trader said.

 

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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