W. Africa Crude-Nigerian excess weighs, Sonangol heard to sell Hungo

Date:

LONDON, June 1 – Nigerian crude differentials were under pressure on Thursday from the prospect of more plentiful supplies due to the return of Forcados exports.

Thank you for reading this post, don't forget to subscribe!

Angolan trading remains slow due to weaker Asian demand, although state oil firm Sonangol was heard to have sold the Hungo cargo it had been offering.

NIGERIA

* About 15 June-loading cargoes are available, in addition to more July-loading barrels, a trader said.

* Qua Iboe was last heard to be offered at dated Brent plus $1.00 although one trader put value closer to dated Brent plus 50-70 cents.

* The Forcados stream has loaded three cargoes in May according to shipping schedules after being shut down for months, adding to supplies.

ANGOLA

* About 20 cargoes of July-loading crude were available, traders said, a relatively large number for this stage in the monthly trading cycle.

* China, a key buyer of Angolan oil, has shown little demand so far, although traders say arbitrage is workable to the United States.

* Deals are still being done. Sonangol was heard to have sold its Hungo cargo that it was offering at dated Brent minus 40 cents to Unipec.

* Sonangol was heard to still be offering a Dalia cargo at dated Brent minus $1.10 and Saturno at a 90 cent discount.

TENDERS

* The result of Indian refiner BPCL’s tender to buy crude for loading July 1-10 did not immediately emerge on Thursday. A trader said he expected the company to buy a Nigerian cargo. (Reporting by Alex Lawler; Editing by Greg Mahlich) ))

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.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading