W. Africa Crude-Angolan trades, but glut of Nigerian builds


LONDON, March 7 (Reuters) – Close to 50 Nigerian cargoes had yet to trade, but fresh deals were scarce as competitive offers from the Mediterranean and the North Sea weighed on demand.

* Nigerian trading remained quiet, but sellers had not revised their offer levels lower since doing so earlier this week.

* Traders said a glut of competitively priced light and medium grades from the North Sea and the Mediterranean had limited buyer interest.


* Only Agbami and Qua Iboe had traded in significant volumes, and South Africa’s Sasoil had taken an early April cargo of Brass River.

* Most other grades had hardly traded thus far. The May export plan is due next week.

* ExxonMobil had lowered its offer for Qua Iboe to roughly $2 per barrel above dated Brent, from $2.25 per barrel initially, but others had yet to revise their offers lower.

* Only about 10 April-loading Angolan cargoes remained available after active spot trading.

* China’s Unipec had purchased one cargo each of Mondo and Nemba, traders said, while Eni sold a cargo of Kissanje to an unknown buyer.

* CLOV was slower to move, with three to four cargoes left.

* State oil company Sonangol was still offering two cargoes, including Dalia at dated Brent minus 70 cents a barrel and a cargo of Saxi at dated Brent plus 75 cents a barrel.

* Total’s award to supply Indonesia’s Pertamina with crude oil for April and May delivery would include two Qua Iboe cargoes and one Bonny Light, sources said. It was unclear if the company had taken any Escravos.

* Glencore had also sold Pertamina a cargo of Congolese Coco, but it was possibly part of an earlier tender.

* A tender from India’s IOC closed on Wednesday, with an award expected on Thursday.

* Pertamina was running another tender to buy oil, including for May 15-16 delivery of cargoes including Bonny Light, Qua Iboe, Pennington, EA or Okwuibome and another for May 2-3 delivery, including Cabinda, Coco, Girassol, Etame, Olombendo and Rabi Light.

Reporting by Libby George Editing by Edmund Blair

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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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