LONDON, Aug 6 – Trade in Angolan and Nigerian crude cargoes got off to a slow start on Monday, leaving differentials broadly unchanged, although traders said an easing in buying from Asia looked set to push West African barrels into the already oversupplied European market. Rising output from Atlantic Basin rivals such as Libya, coupled with a less favourable arbitrage window both east and west, has dampened July’s brisk pace of trade.
An influx of Urals and Mediterreanean cargoes into northwest Europe has worsened the contango in the dated Brent market and put pressure on the likes of Forties and Ekofisk.
A handful of cargoes are left from the September Angolan programme, thanks to China, but the Nigerian market is still struggling to clear an overhang from August, traders said.
* Around 10 cargoes of Angolan were said to be still available from the September programme.
* September cargoes of Nigerian crude were selling slowly with some August still available.
* Late-August barrels of Nigerian Qua Iboe were said to have changed hands at a premium of around $1.60 a barrel to dated Brent late last week, but traders said on Monday no new offers emerged. BP was still said to be offering as low as $1.45, they said.
* September cargoes of Forcados and Escravos were last said to be offered close to $1.80 a barrel above the dated price.
* Uruguay’s ANCAP issued a tender for October delivery crude. It closes on Aug. 7.
* Indonesian refiner Pertamina is seeking to purchase three 950,000-barrel cargoes and one 600,000-barrel cargo of light, sweet crude for delivery between November and December.
* Results for Indonesian refiner Pertamina’s tender began to emerge with Eni set to deliver a cargo of Olombendo. Pertamina also took some other west African crude grades.
* Bharat Petroleum Corp will shut its 120,000 barrel-per-day (bpd) joint venture Bina refinery from mid-August for 45 days, a month ahead of the previous plan, after a minor fire at the delayed coker, two sources said on Monday.
* China’s Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday.