As West Africa Crude-Traders await tender results
Nigeria’s Qua Iboe crude oil stream is set to load six cargoes in August down from nine cargoes in July, a loading programme showed on Tuesday. This equates to a rate of 184,000 barrels per day compared with 276,000 bpd in July.
* The loading schedules for Forcados, Bonny Light and Bonga crudes were due out on Thursday, several trading sources said.
* Offers for existing cargoes were still considered by most buyers to be far too high given the extent of the overhang of unsold July-loading barrels, traders said.
* With the latest round of loading programmes and official selling prices due imminently, traders said they were reluctant to bid for cargoes.
Meanwhile Differentials for West African crude held unchanged on Wednesday, as traders awaited the outcome of a tender by a major Indian refiner and ahead of the release of another flurry of Nigerian loading programmes for August.
* Angola’s preliminary crude oil export plan for August includes 43 cargoes, down from July’s 48 cargoes, according to a loading programme on Tuesday.
* Traders said state company Sonangol was due to release its term allocations for August either Wednesday or Thursday, which was muting activity.
* A handful of July-loading cargoes were still believed to be available, traders said.
* India’s IOC was expected to award a tender for a purchase of light, sweet crude on Thursday. (Reporting by Amanda Cooper; Editing by Adrian Croft) ))