Thailand’s state oil company PTT has bought one cargo of Nigerian Agbami crude on behalf of Thai refiner IRPC via a tender awarded last week, two trade sources said on Wednesday
* The cargo was bought at a premium of around $3 a barrel to dated Brent on a delivered-ex-ship (DES) basis, said one of the sources
* The cargo of less than 1 million barrels of crude will be delivered in early October, the source said
* Details about the seller and prices were not immediately available
* In May, PTT bought up to 1.8 million barrels of sweet crude to be delivered in July and August, most of which were Nigerian and U.S. crude
Meanwhile Differentials for Nigerian crude oil continued to slide as lacklustre refining margins and a plethora of competing grades prompted sellers to lower offers in the absence of demand.
* Up to 20 cargoes remain for August loading amid a glut of light sweet crude from the United States and the North Sea — where differentials are also falling.
* The backlog is putting pressure on prices for September loading, especially for main grades Bonny Light, Qua Iboe and Forcados, which are all being offered at among the lowest rates in 2019.
* Mercuria is attempting to sell a cargo of August loading Forcados after having sold a cargo of mid-month loading Jones Creek on Monday.
* Differentials for August loading Bonny Light and Qua Iboe crude were at well below a $2.00 premium to dated Brent.
* Less than 15 crude cargoes remain for September-loading.
* Girassol, Cabinda and Dalia were being offered at the highest levels of the year while Kissanje and Hungo have also been marked up in response to brisk demand.
* Demand for cargoes arriving in East Asia for September and October are up on increased Chinese oil product export quotas.
* Turkey’s Tupras bought a cargo of Bonny Light from Shell for between a premium of $1.50 – $1.80 to dated Brent, among the lowest rates for the major Nigerian grade this year.
* Thailand’s PTT bought a cargo of Nigerian Agbami crude on behalf of Thai refiner IRPC via a tender awarded last week, likely a late July loading cargo from Chevron.
* Indonesia’s Pertamina has issued a tender for 1.8 million barrels for delivery to Teluk Semangka between October 1-5 and for two 950,000 barrel cargoes for delivery to Balikpapan between October 8-15 and October 22-29, set to close on Friday.
* OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found.
* Libya’s Sharara oilfield, the country’s largest, was forced to shut down after a valve on the pipeline linking it to the Zawiya oil terminal was closed late Tuesday evening, state-owned National Oil Corp (NOC) said on Wednesday.
* U.S. crude oil stockpiles fell for the seventh straight week, falling to their lowest levels since November even as production rebounded and net imports increased, the Energy Information Administration said on Wednesday.