Friday, May 14, 2021

W. Africa Crude-Asian demand seen slowing as Nigerian programmes awaited

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

LONDON, March 19 (Reuters) – April-loading Angolan crude oil cargoes were almost all sold and a large overhang in Nigerian was slowly beginning to clear on Tuesday.

Traders noted, however, that slowing demand in Asia against a backdrop of reduced economic growth as well as weakening diesel margins was helping to push down prices for Nigerian grades.

* Between four and seven Angolan cargoes remain for April loading.

* State oil company Sonangol has yet to allocate its term cargoes, a day after a preliminary loading programme indicated a rise to 48 cargoes for May.


* Between 20 and 25 cargoes remain for April loading.

* Preliminary May loading programmes were expected in the latter half of the week.

* Qua was being offered at dated Brent plus $2, but traders expected differentials to fall.

* Nigeria’s NNPC said sabotage of fuel pipelines was up 34 percent in December, with 257 pipeline breaches reported.

* HPCL has issued a tender closing on Wednesday for two cargoes loading May 1-15.

* India’s IOC has issued a tender for crude loading May 7-16. The tender also closes on Wednesday. IOC’s previous tender, for loading May 1-10, was awarded to Total.


* The defeated main opposition candidate in Nigeria’s presidential election filed a legal challenge on Monday to last month’s vote.

Reporting by Noah Browning Editing by David Goodman

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