En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

West African Crudes-Trading slow as buyers hope for lower diffs

 

 

 

LONDON
Petroleumworld.com 03 09 2017

Trading was relatively slow as a pending tender from Indian Oil Corp. kept Nigerian barrels tied up, while key buyer Unipec continued to offer some cargoes of other grades of oil, including from Angola and Cameroon. Refiners said offer differentials were too high and would likely soften.

NIGERIA

* Vitol continued to offer Qua Iboe from storage in South Africa's Saldhana Bay, and traders said others were also quietly offering cargoes of Nigerian crude from storage.

* A U.S. east coast refiner had also purchased some Qua Iboe from Vitol offered from storage, traders said.

* Vitol had already placed 2 million barrels with Taiwan's CPC, traders said. Other firms were also said to be selling stored barrels.

* Vitol had also purchased several cargoes of end-April loading cargoes of Escravos, possibly targeting the IOC tender.

* ExxonMobil was still offering Qua Iboe at a $1.20 a barrel premium to Brent, which traders said was too high.

ANGOLA

* Chevron Corp said its Mafumeira Sul offshore Angola began production. It has a design capacity of 150,000 barrels per day (bpd) of liquids and 350 million cubic feet of natural gas per day. It will start supplying gas for export in the second quarter, and ramp up is expected through 2018.

* Between 10 and 15 cargoes were still left from the April loading programme.

* Unipec, one of the key buyers, was offering a cargo of Saturno, as well as Cameroonian Kole. Sources said Chevron was also offering Nemba at a 15 cent discount.

* Cargoes of Pazflor, Dalia and most grades were also still on offer.

TENDERS

* India's IOC was running a tender to buy oil that traders said would likely be awarded on Thursday.

RELATED NEWS

* U.S. crude oil inventories surged last week to another record high, while gasoline stocks went in the other direction, posting their largest one-week drop in nearly six years, the Energy Information Administration said.

* China's crude oil imports rose to the second-highest level on record in February, as strong demand from independent "teapot" refiners continues to drive growth.

* For six weeks starting on Wednesday night, flights from Nigeria's capital city Abuja will be diverted to Kaduna, roughly 160 kilometres away, while runway repairs are completed after airlines threatened to stop flying there.

Reporting by Libby George, editing by David Evans from Reuters.

We invite all our readers to share with us
their views and comments about this article
.


Write to editor@petroleumworld.com


By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels



CERAWeek 2017
MAR 6-10, 2017
HOUSTON, TX

CERAWeek live

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:P.Ohep F. /Producer - Publisher:P.Ohep F./
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2016, Petroleumworld   / Elio Ohep Fitzgerald- All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.