Tuesday, July 23, 2019

W. Africa Crude-Angolan Oil Trades on Spot

March 1, 2018

Nigerian crude sells into tenders, while Angolan trades more quickly on spot.
 
* ExxonMobil had purchased two of the three Olombendo cargoes sold this week, traders said.
 
* All three are likely to sail to the Mediterranean or the United States rather than China, the usual destination.
 
* Angola's Sonangol sold its cargo of Dalia, which it had been offering at dated Brent minus 70 cents a barrel. The buyer was not clear, but traders said it was a western company rather than Asian.
 
* Statoil (STO) had also sold a cargo of Angola's Saturno.
 
* Sonangol was still offering another cargo of Dalia at dated Brent minus 70 cents a barrel and a cargo of Saxi at dated Brent plus 75 cents a barrel.
 
* Nigerian crude cargoes Erha and Forcados were selling into tenders, but spot trade was limited.
 
* Offer levels for Nigerian crude remained elevated, with both Bonny Light and Qua Iboe offered at premiums above $2 per barrel versus dated Brent.
 
TENDERS
 
* India's IOC issued a new tender to buy crude oil that would likely be awarded next week.
 
* Chevron (CVX) had won a tender to supply oil to Uruguay's ANCAP with a cargo of Angolan Nemba.
 
* Vitol will supply Indian refiner HPCL with one cargo of Erha and another of Forcados. The tender had been for sour crude.
 
* Indonesia's Pertamina is also running a tender to buy crude for April and May delivery. It is due next week.
 
(Reporting by Libby George, editing by Larry King) ))

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