W. Africa Crude-Sonangol sold out of spot, Qua offers surface


Brooklyn New York, July 27 – Some more Angolan cargoes traded but spot Nigerian was thin though differentials were underpinned by the narrow Brent-Dubai spread, which is increasing Asian demand.

* The Forcados programme emerged for September with about 225,000 barrels per day, down from the original August programme of 259,000 bpd.

* Total was offering a cargo of Qua Iboe on a delivered basis to the Mediterranean at about dated Brent plus $2.40 a barrel.

* On a fob basis, September barrels of Qua Iboe were being offered at dated Brent plus $1.80 a barrel.

* Angola’s state oil company Sonangol has sold out of its spot cargoes for September after swift buying.

* French energy group Total said on Friday it had started production at the Kaombo project, which is currently the biggest, deep offshore development in Angola.

* A new grade from Total’s Gindungo field has been added to the September programme.

* Indonesia’s Pertamina closed a tender to buy first half September loading cargoes on Friday. The bids remain valid until July 31.

* Brazil’s state-controlled energy company Petrobras plans to push more crude oil to top importer China by marketing a new medium-sweet grade that could be shipped from October, two sources with knowledge of the matter said.

* Refining margins in Singapore are set for their biggest monthly gain since 2015 as surging demand for gasoline and jet fuel lifted fuel prices at the same time crude oil dropped, reducing feedstock costs for refiners. (Reporting By Julia Payne, editing by David Evans)