W. Africa Crude-Outages prop up diffs but buyers stay on sidelines


LONDON, June 29 – Offers were plentiful on Friday, with premiums supported by Libyan outages, falling Iranian oil purchases and low availability of some Nigerian grades in August.

Buyers, however, remained on the sidelines, assessing this week’s market turmoil and lower output from Venezuela, Canada and even the North Sea, where there could be a strike at Total platforms.

* State-owned Sonangol was still said to have its August cargo of Dalia available at dated Brent minus $1 a barrel.

* Total was offering Nemba at dated Brent plus 10 cents a barrel and Eni was showing the same grade flat to dated Brent. Both were for August loading.

* ExxonMobil was offering Girassol at dated Brent plus 60 cents a barrel loading in August.


* Chevron was offering an August-loading cargo of Cabinda at dated Brent minus 40 cents a barrel.

* About a dozen July-loading cargoes of Nigerian crude were still thought to be available for sale.

* There was still no sign of an August Usan programme.

* ExxonMobil was offering an end-July cargo of Qua Iboe at dated Brent plus $2 a barrel, traders said, with the price boosted by the short August programme.

* Total was offering a cargo of Forcados loading in early August at dated Brent plus $2 a barrel.

* Traders said they were expecting Bonny Light flows through the Nembe Creek Trunk line to resume next week but that force majeure was still in place.

* India’s IOC issued a new tender to buy crude loading in the first ten days of September. It closes on July 5.

* IOC bought a cargo of Okwuibome from Glencore in a tender this week.

* European refiners are cutting purchases of Iranian oil faster than expected as the U.S. prepares to reimpose sanctions on Iran, threatening a more severe impact than the previous round of punitive measures in 2012 even though the EU has not joined in.

* Libya’s five eastern oil terminals have been blocked by the east’s Libyan National Army, with Zueitina and Hariga the latest terminals to be blocked overnight.

* The Libyan outage removes up to 700,000 barrels per day from the market. The LNA wants to transfer control of these ports to a parallel national oil company based in Benghazi.

Reporting by Julia Payne Editing by David Goodman

This site uses Akismet to reduce spam. Learn how your comment data is processed.