Crude markets await Nigeria’s forcados export as Angola trading slow amid tenders, fresh loading plans

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FILE PHOTO: Oil tankers Qi Lin Zuo of China and Sti-Matador (L) stand attached to mooring stations near a refinery in Bayonne, New Jersey August 24, 2011. REUTERS/Lucas Jackson/File Photo

LONDON May 19 – Nigerian loading plans continued to emerge on Friday while the market awaited the first Forcados export in seven months. Angola was ironing out its July term allocations, slowing the start of spot trading.

NIGERIA

* A Nigerian labour union on Friday called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta, a union representative said, in a dispute over the sacking of 150 workers.

* There was no impact on production, traders said.

* Nigeria’s NNPC increased its June official selling prices for most grades, including an 18 cent rise for Bonny Light and a 26 cent increase for Qua Iboe.

* Trading was sparse due to pending tenders, but Unipec had sold one cargo of Erha.

* Export plans emerged for Agbami, with seven cargoes, Escravos and Akpo, with four cargoes each, and Usan and Amenam with three cargoes each.

* Roughly 20 cargoes remained from the June export plan.

ANGOLA

* Angolan state oil company Sonangol had not yet issued its allocations for the July programme as it incorporated the late-issued Saturno exports into the plan.

* Sonangol lifted force majeure on Saturno exports and issued the July schedule for the grade on Thursday, bringing total Angolan crude exports for July to 1.55 million barrels per day (bpd).

* Sonangol received a dozen bids for its tender to sell a cargo of CLOV, loading July 7-8, but the winner was not immediately clear.

TENDERS

* Trader said that Total won a tender from India’s IOC, for cargoes loading July 20-30, with Akpo and CLOV. The grades were not confirmed at source.

* Taiwan’s CPC took just one cargo of Angolan oil from Chevron in its recent tender, which a trader said was likely Cabinda.

* Its other awards were for non-West African crudes, including Azeri and Latin American grades.

* Indian refiners HPCL and MPRL had each issued tenders to buy crude oil cargoes loading in July. The tenders close next week.

RELATED NEWS

* An OPEC panel reviewing scenarios for the oil producer group’s meeting next week is looking at the option of deepening and extending a deal to reduce crude output, OPEC sources said on Friday, in an attempt to drain inventories and support prices.

* Oil prices were heading on Friday for a second week of gains on growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories.

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Joseph Afam (Local Contents and Partnership Editor) (070 3949 0464) Joseph Afam is a energy and finance journalist, who has years of experience in journalism, he started his journalism career in Nigeria’s top financial newspaper in Lagos. He’s a graduate of Economics and Finance from University of Ebonyi State, Nigeria He has won series of awards and regconitions Contact him for any editorial deals and advertorial issues on # Joseph.Afam@naija247news.com, editor@naija247news.com, Cell: 070 3949 0464

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