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W. Africa Crude-Nigerian offers strong, Angolan clearing

Published Updated

imageLONDON: Some Nigerian crude grades were offered at high levels but traders said weak refining margins meant buyers were not in a hurry.

About 10 cargoes of Angolan crude were still thought to be available for September loading.

NIGERIA

Bonny Light was last heard offered at dated Brent plus $2.60 a barrel, a source said, and Bonga was offered at dated plus $2.00. These were considered high offer levels.

Qua Iboe, Forcados and Brass River remain under force majeure.

A loading programme for Qua Iboe in September had yet to emerge.

In a development that could boost Nigerian exports, ExxonMobil is working on a plan to export Qua Iboe via an alternative pipeline, trade sources said.

ANGOLA

State oil firm Sonangol was said to be sold out for September.

The Nemba it was reported on Wednesday to have sold to Unipec was heard to have been offered at dated plus 10 cents.

Cargoes of Cabinda, Nemba, Saturno, Girassol and Dalia with other sellers are thought to be among the grades still available.

Copyright Reuters, 2016

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