Monday, June 21, 2021

    W. Africa Crude-Traders await tenders as spot deals limited

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    Naija247news Media, New York
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    LONDON, May 8 (Reuters) – Spot trade was muted on Nigerian barrels as they competed with U.S. exports and other light crudes available in the Mediterranean. While some Angolan oil had traded, sources said differentials were under downward pressure.

    * PetroIneos had purchased the Dalia that Sonangol sold late last week, traders said. The cargo, for June 16-17 loading, was last offered at dated Brent minus $1.70 a barrel.

    * ExxonMobil had also sold a cargo of Angolan Girassol late last week, though sources said it was for loading this month. It is expected to sail east.

    * Sonangol was still offering five other cargoes, including Girassol at dated Brent plus $1 a barrel, another Dalia, Hungo at dated Brent minus 40 cents a barrel, Sangos at dated Brent minus 60 cents and Olombendo at dated Brent plus $1.20.

    * Traders said some Chinese buyers were coming back to the market, and analyst JBC Energy said the backlog of cargoes outside Shandong had mostly cleared.

    * Still, buyers are pressing for lower differentials, most sources said.

    * Unipec still had to sell five cargoes of May-loading oil delivered to the independent refinery port of Shandong, though it was not offering these inside the trading window.

    * It had cargoes of Angola’s Cabinda, Kissanje, Saturno and Mondo, and Congolese Djeno crude.

    * Spot trading remained notably limited on Nigerian cargoes, with sellers focused on tenders.

    * Several May-loading cargoes were still available, including Bonga, Escravos and Forcados.

    * Sellers were largely not aggressively offering, and moving cargoes was complicated by ample availability of U.S. and Mediterranean crude.

    * Traders said that while May-loading offers were softer, grades such as Qua Iboe were offered for June loading at premiums of between $1.50 and $1.75 a barrel to dated Brent, but would have to soften to sell.

    * May-loading Bonga was offered at roughly $1.30 above dated Brent, and Escravos at $1.25 per barrel premiums.

    * Uruguay’s ANCAP was running a tender to buy oil for July 23-27 delivery. An award was expected later on Tuesday.

    * Indonesia’s Pertamina is expected to award on Wednesday its tender to buy 3.1 million barrels of crude for July delivery.

    * An award for India’s IOC was due later in the week. Its tender sought oil for July 1-10 loading. (Reporting By Libby George; Editing by Mark Potter) ))

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