W. Africa Crude-Demand stays healthy for Angolan; Mercuria offers Nigeria’s Forcados


LONDON, Sept 26 (Reuters) – Angolan cargoes continued to sell swiftly, thanks largely to demand from Chinese refiners, while trading house Mercuria struggled to find a buyer for early November-loading Nigerian grades.

* Trading house Mercuria offered a 1-million barrel cargo of Forcados for loading Nov. 8-9 at a premium of $1.80 to dated Brent, up from around $1.75 on Tuesday, although no buyers emerged.

* Only a few of the smaller Nigerian loading programmes, such as Ebok and Oyo, had not yet emerged. So far, November exports look likely to be as large as May’s 1.895 million bpd loading programme.

* The Angolan November programme is down to around a dozen cargoes, from a total of 46, down from closer to 18 the previous day, traders said.

* Nigeria’s main unions will begin an indefinite nationwide strike on Thursday over the minimum wage, after talks with the government broke down, the leader of an umbrella labour body representing them said on Wednesday.

* U.S. crude oil stockpiles rose last week as refineries sharply reduced output for seasonal maintenance, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.

* Oman crude futures on the Dubai Mercantile Exchange touched their highest in four years at just above $90 a barrel on Wednesday, overtaking ICE Brent LCOc1 for a second session, data from the exchanges showed.

* Uruguay’s state-run oil firm ANCAP is seeking to buy 1 million barrels of a medium to light crude for delivery Nov. 23-27 at Jose Ignacio. The tender closes later on Wednesday. (Reporting by Amanda Cooper; Editing by Adrian Croft)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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