W. Africa Crude-Diffs under pressure due to oil sales from storage

Date:

BRUSSELS, Sept 22 – Sales from storage, spurred by a flat forward structure in Brent prices, were weighing on differentials for West African crude oil. Angolan cargo prices were under particular downward pressure, with close to 10 million barrels from the October programme up for sale.
ANGOLA

Thank you for reading this post, don't forget to subscribe!

* Unipec, the primary buyer of Angolan oil, was offering at least four of its October-loading Angolan cargoes, including Nebma, Dalia, Kissanje and Plutonio. It was also offering Congolese Djeno and Ghana’s Jubilee.

* Trader Statoil was also offering two VLCCs of Angola oil that will load in OCtober, including CLOV, Dalia, Kissanje and Mondo.

* The offers were weighing on differentials, as the availability is particularly large for this point in the cycle. Additionally, the lack of contango meant that most traders were keen to sell their cargoes quickly, as they would lose money if they loaded without buyers.

* Angola’s November exports will drop to 48 cargoes, or 1.54 million bpd in November. Sonangol was offering just two cargoes, both Dalia, at premiums of 30 cents fob to dated Brent. .
NIGERIA

* While some Nigerian oil was being sold out of storage, smaller loading programmes meant there was a lower amount of excess oil for prompt loading.

* Qua Iboe exports in November were limited to five cargoes due to subsea maintenance at the export platform, while Bonny Light remained under force majeure due to the closure of one of its two export pipelines.

* Around 10 October-loading cargoes remained, with several cargoes of Forcados among them. Traders said offer levels of close to $2 per barrel made it too expensive for some buyers.

* The Bonga export programme for November emerged with five cargoes, down from six in October.
TENDERS

* Total sold the cargo Taiwan’s CPC bought from Saldhana Bay storage, source said. It was Nigerian Escravos.

* The cargo of Angola’s Saxi it purchased was likely the end-October loading cargo that was allocated to Sinochem, a source said.

* A tender from India’s BPCL to buy oil closed on Friday, but details on the award were not immediately available (Reporting by Libby George; Editing by Adrian Croft)(Reuters)

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

“FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud”

FTX founder Sam Bankman-Fried received a 25-year prison sentence...

Nigeria’s Access Holding eyes $1.5 bln share or bond sale

ABUJA, March 28 - Nigeria's Access Holding Plc (ACCESSCORP.LG),...

“AfDB Invests $75 Million in Indorama for Fertilizer Expansion”

The African Development Bank has inked a $75 million...

“Zack Orji survived two brain surgeries” – Emeka Rollas gives update

March 28, 2024. Azonuchechi Chukwu. The national president of the Actors...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading