Nigeria and Angola crude-trade quiet as market focuses on tenders
Petroleumworld.com 03 02 2017
Various Nigerian grades were on offer but demand was lacklustre, traders said, with the market mainly focusing on a last minute tender from India's IOC that was not awarded and another from Indonesia's Pertamina.
* Vitol was still offering cargoes of Qua Iboe out of storage, traders said, at dated Brent plus $2.00 on a delivered basis. On a free-on-board basis, Qua Iboe was pegged at just above dated Brent plus $1 a barrel with Bonny Light around there as well.
* Several cargoes of Escravos were on offer at around dated Brent plus $1 a barrel. Sahara was one of the sellers.
* Agbami was shown earlier this week at dated Brent plus 30 cents but trade values were pegged lower. Amenam was offered at around dated Brent plus 60 cents a barrel.
* Roughly 20 cargoes were still available from the April programme.
* Total was offering a cargo of Girassol on a delivered basis, the last available April cargo.
* Unipec was still offering a number of cargoes: Dalia at dated Brent flat, Saturno at dated Brent minus 50 cents a barrel and Plutonio at dated Brent plus 20 cents a barrel.
* A cargo of Equatorial Guinean Zafiro was being offered at dated Brent plus 40 cents a barrel.
* Traders said Total won BPCL's tender with Nigerian Agbami and Bonny Light but this could not be confirmed.
* A buy tender from Indonesia's Pertamina for mid-May delivery is due to close on Thursday.
* China's loadings of West African crude oil are set to rise to a new record in March as the nation stocks up on medium and heavy oil in the midst of OPEC production cuts, according to a Reuters survey of shipping fixtures and oil traders on Wednesday.
Reporting by Julia Payne. Editing by Jane Merriman from Reuters.
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