LONDON May 15 – The market was subdued as it awaited the July Angolan programmes and the expectation of Forcados loadings out of Nigeria. Traders said Shell had already sold a cargo of Forcados to Turkey’s Tupras via a tender late last week.
* The award of Nigeria’s Direct Sale Direct Purchase agreements, or crude-for-product swaps, were expected to begin with the July loading plans, which are due later this week.
* Exports are expected to increase in the coming weeks as Forcados exports resume and as ExxonMobil was expected to reopen its primary 48-inch Qua Iboe crude export pipeline after nearly a year of repairs.
* Still, there were some 25 cargoes left from the June programme yet to trade.
* Vitol had been offering one distressed cargo of Bonga delivered to the Mediterranean. The firm was also offering a Forcados cargo, though the delivery window was a month – far longer than standard.
* Roughly a handful of cargoes remained from the June programme. The July export schedule was expected on Tuesday.
* Saturno remained under force majeure, with delays at slightly longer than 8 days.
* Shell won late last week a tender from Turkey’s Tupras to deliver crude oil from June 25 to July 10. Traders said the company would supply it with Forcados, though this was not confirmed at source.
* Shell had also won a tender to supply Argentina with crude oil via Axion late last week.
India’s IOC was running a tender for July 20-30 loading cargoes that closes May 18.
* Its previous tender it took Kole and Okwuibome as well as a second VLCC with one cargo of Nigerian crude and one other grade.