W. Africa: Nigerian August crude overhang continues to clear ahead of September

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LONDON, July 12 – Nigerian August loading cargoes have been steadily trading in the last few days with a number of tenders set to mop of the rest ahead of the September schedule.
Nigeria

* Total sold a cargo of Qua Iboe loading Aug. 21-22. Buyer and price details were kept private.

* Lukoil also sold a cargo of Qua Iboe loading Aug. 13-14 but details did not surface.
Angola

* Only one cargo was left from the August loading programme with the September schedule due to come out by Monday.

* The remaining cargo is a Palanca that was added last week for Eni.
Tenders

* India’s BPCL issued a buy tender.

* India’s IOC issued a tender to buy west African cargoes loading Sept. 20-30. Results are expected on Thursday. IOC separately issued another tender to buy U.S. crude with results expected on the same day.

* Indian refiner, HPCL, has re-issued a mini-term tender it was running last week after not awarding it the first time.
Related News

* Nigerian President Muhammadu Buhari is recuperating fast and will return home shortly, his deputy said on Wednesday after visiting the head of state in London where he has been on prolonged sick leave.

* U.S. crude oil inventories last week dropped by the most in 10 months, falling more than expected as imports declined and refining rates rose, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday. (Reporting By Julia Payne, editing by David Evans) ))

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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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