Nigerian crude diffs ease ahead of rising crude supply

Date:

LONDON, Sept 20 – Spot Nigerian crude differentials eased a touch on Thursday, after a series of monthly loading programmes showed exports of the four largest grades will rise to their highest since June.

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NIGERIA
* Loadings of Forcados, Bonga, Bonny Light and Qua Iboe, which underpin the InterContinental Exchange’s West African contracts-for-difference derivatives, will rise to 822,967 barrels per day in November, from a planned 728,258 bpd in October, their highest since June this year.

* BP bid for a cargo of Forcados for loading Nov 7-11 at $1.60 a barrel above dated Brent, and for a cargo of Qua Iboe loading Oct 20-24 at a premium of $1.50 a barrel.

This was lower than recent indications of around $1.70 for Qua Iboe and $1.75 for Forcados.

* Other programmes to emerge were Agbami, Antan, Erha, EA, and Escravos, as well as Ghana’s Jubilee and TEN programmes.

* Four traders said that possible buyers were still waiting for the Nigerian state oil company to allocate cargoes once all the loading programmes have emerged.

ANGOLA
* Traders were still waiting for November Angolan allocations but state firm Sonangol was said to have four spot cargoes available for the month.

RELATED NEWS
* Exxon Mobil, Chevron and Occidental Petroleum are joining a group of major international oil and gas companies in an initiative aimed at curbing carbon emissions in the sector, they said in a statement on Thursday.

TENDERS
* IOC awarded a tender earlier this week to Equinor and Chevron, for a combination of Nigerian Agbami, Angolan Kissanje and Nemba, traders said.

* Taiwan’s CPC awarded a tender to purchase an unspecified amount of light sweet crude for delivery in November to a supplier of WTI Midland, traders said.

* Thailand’s PTT was looking for 300,000 to 1 million barrels of light sweet crude for delivery between Nov. 25 and Dec. 20 and was believed to have taken an Asia-Pacific grade, rather than a West African one, two traders 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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