W. Africa Crude-Sonangol offers May cargoes, Nigerian steady

FILE - In this Monday, Dec. 26, 2011 file photo, Shell Bonga offshore oil Floating Production Storage and Offloading vessel off the coast of the Niger Delta in Nigeria. Shell closed the terminal exporting Nigeria's benchmark Bonny Light crude oil on Wednesday May 11, 2016 and was evacuating workers from a threatened oil field as renewed militant attacks cut production in Africa's biggest petroleum producer, the company and a union leader said. (AP Photo/Sunday Alamba, file)

LONDON, March 20 (Reuters) – Angola’s state oil company offered a number of May-loading cargoes on Tuesday while Nigerian differentials remained under pressure from ample supply.



* State oil company Songanol offered at least five cargoes on Tuesday, including Dalia at dated Brent minus 75 cents, Hungo at dated minus 40 cents, Saturno at dated minus 65 cents, Sangos at dated minus 30 cents and Gimboa at dated minus 60 cents.

* These cargoes were first offered on Monday and the offers are unchanged. One potential buyer was awaiting lower offers.

* The May loading programme lists 1.49 million barrels per day (bpd), or 48 cargoes, up from April’s 1.47 million bpd, or 46 cargoes.


* There is a sizeable unsold volume of 25-30 cargoes for April loading, one trader said, though about 12 of these are thought to be with Shell and Total and therefore likely to be absorbed by those companies’ refineries.

* Qua Iboe was offered at dated Brent plus $1.60 a barrel, stable from Friday when the asking price was lowered by 40 cents to tempt buyers.


* Thailand’s PTT, Indian Oil Corp and Taiwan’s CPC are all running buy tenders that could absorb West African crude this week. See for further details. (Reporting by Alex Lawler Editing by David Goodman )

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).


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