W. Africa Crude-Nigerian sales stall as cheap alternatives, maintenance weigh

W. Africa Crude-Nigerian sales stall as cheap alternatives, maintenance weigh

Reuters  | Mar 13, 2018 23:20

W. Africa Crude-Nigerian sales stall as cheap alternatives, maintenance weigh

LONDON, March 13 (Reuters) - Nigerian crude looked set for a sizeable overhang on Tuesday with more than half the April programme still available and the May schedules due out within the next week.

* Demand has been weak as refinery maintenance in both Europe and Asia is set to peak in May. April loading Angolan has sold better than Nigerian, with less than 10 cargoes left.

* The differential for Russian Urals has slumped in the last few weeks, prompting European refiners to favour the medium, sour grade instead of expensive west African crude, a trader said.

* Another trader said differentials for Nigerian crude would have to correct sharply down to elicit interest.

* The Urals price in Northwest Europe hit its lowest since September 2016 last week, while the price in the Mediterranean fell to its lowest since 2014.

* Competing light grades in the Mediterranean such as Saharan Blend and CPC Blend have also been under pressure, falling to their lowest levels since October.


* Some 35-40 cargoes were still available from the April programme, with May schedules due out as soon as Friday.

* Chevron (NYSE:CVX) was offering a cargo of Escravos at dated Brent plus $2 a barrel and a cargo of Agbami at dated Brent plus 75 cents a barrel.

* Shell (LON:RDSa) was showing Bonny Light at dated Brent plus $2.10 a barrel, Bonga at dated Brent plus $2.00 and Forcados at dated Brent plus $2.15.

* Total was offering Amenam at dated Brent plus 90 cents, Ghanian TEN at dated Brent plus 50 cents and Akpo at dated Brent plus 70 cents


* Angola's state oil company Sonangol lowered its offer for its last end-April Dalia cargo by 20 cents to dated Brent minus 90 cents a barrel.

* Angola's May export programme was also due this week.

* Total was offering Girassol at dated Brent plus $1.50 a barrel.

* Other cargoes on offer included CLOV at dated Brent plus 90 cents, Nemba at dated Brent plus 70 cents and Kissanje at dated Brent plus 45 cents a barrel.


* A tender from India's IOC to buy oil for loading May 5-10 closes later this week, with results expected on Thursday.

* The results of a tender from Indonesia's Pertamina were not immediately clear. The company was looking for 600,000-barrel cargoes for May 2-3 and May 15-16 delivery.

* Uruguayan ANCAP's buy tender for end-May arrival crude is set to close on Wednesday.

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Write a reply...
Please wait a minute before you try to comment again.

Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading in financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (shares, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn't bear any responsibility for any trading losses you might incur as a result of using this data.

English (USA) English (UK) English (Canada) English (Australia) English (South Africa) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 中文 香港 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt
Sign out
Are you sure you want to sign out?
Saving Changes