Nigeria’s August crude programmes surges on restarted Forcados as overhang grows

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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

Lagos Nigeria June 19 (Naija247news) – Nigeria’s August loading programmes continued to emerge with most grades showing increases versus July, including the recently restarted Forcados, which will worsen the existing overhang.

* Meanwhile, the detailed Angolan programme for August also emerged but traders said they were waiting for their term allocations.

* Exports of Nigeria’s Bonny Light crude are set at seven cargoes including two deferred in August at 226,000 barrels per day, up from 164,000 bpd in July.

* Forcados exports will rise in August to 284,000 bpd, up from 248,000 bpd in July.

* The Agbami and Escravos programmes are also larger in August. Agbami will see 252,000 barrels per day (bpd) load in August, up from 220,000 bpd in July. Escravos will be 184,000 bpd up from 123,000 bpd in July.

* Bonga will be 214,000 bpd with seven cargoes, including three cargoes deferred from July.

* The overhang of Nigerian crude was already around five June loading and about 25 July loading cargoes.

* Total was still offering a cargo of Nigerian Bonga loading July 10-11 at dated Brent plus 75 cents a barrel.

TENDERS

* India’s HPCL issued a buy tender for cargoes loading Aug. 1-10. It closes and is valid until June 23.

* Indonesia’s Pertamina issued a buy tender for September delivery cargoes. The tender closes on June 20 and is valid until June 22. (Reporting by Julia Payne; Editing by David Evans) ))

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