Nigerian, Angolan crude markets supported by demand uplift

Date:

LONDON, Aug 28 – The Nigerian and Angolan markets were finding support on Tuesday from increased buying interest and a dwindling number of unsold cargoes, though some traders doubted the firmer tone would last.

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NIGERIA
* The number of unsold cargoes from the August and September programmes has dropped to less than 10, from close to 30 at the start of last week.

* Offers of some grades loading in October were rising. Qua Iboe was being offered by Oando at dated Brent plus $1.90 while other sellers were looking for levels closer to dated plus $1.50. That is up from an offer heard on Friday at dated plus $1.40.

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ANGOLA
* About half of October’s cargoes have been sold in fairly brisk trading since the loading programme emerged.

* Offer levels suggest sellers see a firm market. Offers on Tuesday included Dalia for sale at dated Brent minus 60 cents and Nemba at dated Brent plus 40 cents.

* State oil company Sonangol last week sold its cargo of new grade Gindungo to Unipec via tender, a trade source said. No price detail has yet emerged.

TENDERS
* Total won Indian refiner HPCL’s tender last week and will supply a VLCC of Nigerian crude for delivery in the first half of October, a trader said.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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