LONDON, Aug 21 – Nigerian crude differentials looked to be under pressure on Tuesday because of abundant supply and lacklustre demand, while Angolan state oil company began to market October-loading cargoes.
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* There are almost 30 unsold cargoes from the August and September programmes, traders said, in addition to newly released October underlining plentiful supply.
* Qua Iboe: A prompt cargo was said to have traded at dated plus $1 or below, a relatively low level for the grade last valued by Reuters at dated plus $1.15.
* Forcados: A cargo was heard to have traded at about dated plus $1.30, 10 cents above a bid from Vitol on Monday. It was not possible to confirm who bought or sold the cargo.
ANGOLA
* Angola is set to export 49 cargoes in October after four cargoes of Gindungo, a new grade, were added to the preliminary programme. September had 47 cargoes.
* State oil company Sonangol plans to sell the Gindungo cargo in a tender, a trade source said, and was also offering Plutonio at dated Brent minus 50 cents.
TENDERS
* Thailand’s PTT is looking to purchase between 300,000 and 1 million barrels of light sweet crude for delivery between Oct. 15 and Nov. 10. The results are due by Aug. 22.
* Taiwanese refiner CPC is seeking an undetermined amount of light sweet crude for October delivery. The results of the tender were expected by Wednesday.
* India’s HPCL issued a tender for crude loading in the second half of October. The tender closes on Aug. 23 with results expected the following day.