Nigerian crude get snapped up in tenders; Angola slows

Date:

LONDON, Aug 30 – Trade in Angolan cargoes slowed on Thursday, as unfavourable arbitrages discouraged buying from some of the larger Asian refiners, although demand for Nigerian grades through various tenders this week has helped push diffs higher.
NIGERIA

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

* A number of refiners have taken cargoes of Nigerian grades, largely Qua Iboe and Agbami, through tenders in the last week or so, after months of favouring U.S. or Middle East grades.

* Uruguay’s ANCAP, Indian refiners IOC and HPCL and Chevron have all taken Nigerian crudes in their most recent purchasing rounds, traders said.

* Just a handful of cargoes are left from a large overhang of unsold crude from the August and September programmes, but with the premium of Brent crude futures widening over the regional Dubai benchmark, traders said this would inevitably eat into Asian demand.

* The Brent/Dubai spread was last at $2.41 a barrel, up from around $1.80 a week ago DUB-EFS-1M.

* Qua Iboe was last indicated around $1.40 a barrel, with some offers as high as $1.60 a barrel, two traders said. Bonny Light was said to be trading at parity with Qua Iboe for the first time in nearly two months.

Sponsored Stories
ANGOLA

* Around a third of Angola’s 49-strong October loading programme were said to be available for sale, although there had been little change since the start of the week, given that Chinese buyers were scaling back their purchases of WAF grades after having taken in a flurry of Asia-Pacific grades this week.

* Offers for Dalia held steady at a discount of 60 cents to dated Brent, while October-loading Nemba was offered at a premium of 40 cents and Olombendo for October loading was quoted at a premium of $1.50 a barrel.
RELATED NEWS

* An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.

* Nigeria’s presidency rebuffed a landmark oil industry reform law because of issues with its current form, the executive said on Wednesday, marking a setback for plans to reinvigorate investment in Africa’s largest crude producing nation.

* Indonesia’s government on Wednesday confirmed Nicke Widyawati as the permanent chief executive of Pertamina and picked a new upstream director amid pressure on the state-owned energy firm to curb imports, boost refining capacity and biodiesel use.
TENDERS

* India’s IOC awarded a tender for delivery of Nigerian Agbami for delivery in late October, although traders said it was not year clear which company had won the tender.

* Chevron awarded a small tender to Exxon to purchase Qua Iboe in South Africa, traders said.

* BP won a tender to supply Uruguay’s state-run ANCAP with 1 million barrels of Qua Iboe for delivery in the last week of October, traders said.

Emman Tochi
Emman Tochihttps://naija247news.com
Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

Share post:

Subscribe

Popular

More like this
Related

Nigeria’s Access Holding eyes $1.5 bln share or bond sale

ABUJA, March 28 - Nigeria's Access Holding Plc (ACCESSCORP.LG),...

“AfDB Invests $75 Million in Indorama for Fertilizer Expansion”

The African Development Bank has inked a $75 million...

“Zack Orji survived two brain surgeries” – Emeka Rollas gives update

March 28, 2024. Azonuchechi Chukwu. The national president of the Actors...

Sokoto kidnap victim who spent 96 days in bandits’ captivity dies after regaining freedom

March 28, 2024. Azonuchechi Chukwu. A kidnap victim, Salisu Iliyasu Takakume,...
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