Monday, June 21, 2021

    W. Africa Crude-Indian tender helps mop up Nigerian overhang

    Must read

    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, Aug 12 (Reuters) – Spot activity was slim on Monday but an Indian refiner took a greater than usual volume in its latest buy tender, helping to mop up excess Nigerian crude in the increasingly competitive Altantic Basin.

    * Around five cargoes were still said to be available from the September loading programme.

    * The October programme is expected to emerge on Aug. 15.

    * Over 30 cargoes of Nigerian crude were still available for September loading, weighing on differentials.

    * Nigerian crude has been selling slower than usual as U.S. exports of similar specification crude ramp up further. In a sign of even more competition to come, a major new U.S. pipeline has just started deliveries.

    * Global commodities trader Trafigura said on Monday it has started shipments of Permian basin crude to the Corpus Christi hub in Texas via the new Cactus II pipeline system.

    * Cactus II is the first of three major pipelines expected to start up before the end of the year.

    * Traders said that India’s IOC took around 5 million barrels of west African crude with Agbami from Chevron, Agabmi and Girassol from Glencore and the remainder from Vitol.

    * Traders added that the volume was unusually high for the short time period.

    * IOC has issued two tenders for Oct. 9-18 and 18-27 loading. They close on Wednesday.

    * Saudi Aramco is planning a multibillion dollar investment in India’s Reliance Industries as the energy giant diversifies its oil business, where weaker prices cut its first-half profit by 12%.

    Reporting By Julia Payne; editing by David Evans

    - Advertisement -spot_img

    More articles

    - Advertisement -spot_img

    Latest article

    WP to LinkedIn Auto Publish Powered By :