W. Africa Crude-Sonangol sells out, Nigerian spot trade slows


LONDON, Feb 6 (Reuters) – Angola’s Sonangol sold the last of its March cargoes, while pending tenders from Ancap, Pertamina and IOC limited fresh spot trading on Nigerian grades.

* Angolan state oil company sold the last three cargoes of March-loading crude it had available, including two Dalia and a Saturno.

* India’s Reliance had booked the March 24-25 Dalia, traders said, while the 19-20 loading cargo will sail to the Mediterranean.

* The cargo of Saturno would sail west in a somewhat unusual move, a trader said, though the precise destination was unclear.


* The company had been offering the cargoes at discounts of $1 per barrel versus dated Brent, but the sale prices were not immediately clear.

* While the coming refinery maintenance season was expected to cut demand for crude feedstock, margins in Europe of just under $7.50 per barrel – the highest since November – spurred strong demand from the units that were not planning shutdowns.

* Offers of Nigerian crude were firming as a result, with loading delays on Bonga also boosting price expectations.

* Bonga loadings were delayed anywhere from three to 10 days, traders said, after Shell performed some maintenance on the export platform in late January.

* The company said it is gradually ramping up output now.

* Forcados is on offer as high as $2.60 per barrel above dated Brent, with Bonny and Qua offered closer to $2 per barrel.

* Pending tenders kept a lid on fresh spot trading.

* Indonesia’s Pertamina had purchased one cargo of Congolese Coco crude oil in a spot tender for April delivery, traders said.

* The company also issued a term tender to buy oil for May/June delivery that closes later this week.

* Uruguay’s Ancap was also running a spot tender to buy a cargo of crude oil, for April 10-14 delivery, including West African grades.

* India’s IOC was running a tender to buy West African crude oil for loading April 1-10. The tender closes on Thursday.

* BP’s profits more than doubled in 2017 to $6.2 billion powered by higher prices and output of oil and gas, which rose 12 percent to 2.47 million barrels per day (bpd) after seven new oil and gas fields launched in 2017, a record year.

* Oil fell for a third day on Tuesday, swept lower by a wave of selling that hit equities, bonds, cryptocurrencies and commodities, although the crude market is in positive territory so far this year.

* Angola sees no further OPEC cuts in 2018 and Africa’s No. 2 crude exporter hopes to join the ranks of gold producers next year as it strives to diversify an economy long based on oil and diamonds, its minerals and petroleum minister said on Tuesday. (Reporting by Libby George; Editing by David Evans) ))

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