LONDON: Trading in Nigerian grades was muted while heavy Angolan grades were nearly sold out on the back of stronger fuel oil margins in Asia due to low supplies.
Singapore benchmark fuel oil refining margins turned positive on Wednesday for the first time in over four years due to a surprise drop in oil prices as Republican Donald Trump edged ahead in the US presidential election.
In a vain attempt to halt the continuing slide of its currency, Nigerian security agents raided the offices of black market currency dealers on Thursday, who are offering 460 naira per dollar versus the official rate of 305.5.
ANGOLA
Less than 10 cargoes of December loading Angolan cargoes were left.
Hungo, Saturno and Nemba were sold out while about three cargoes of CLOV still lingered.
Total, BP and Statoil were still said to be showing CLOV at around dated Brent minus 40 cents a barrel.
NIGERIA
Over 30 December loading cargoes were still available with a handful of November ones.
Trafigura was offering a cargo of Agbami loading Nov. 24-25 at dated Brent plus 20 cents a barrel and Litasco another cargo loading Dec. 13 at dated Brent plus 35 cents a barrel.
Vitol, Mercuria and Exxon were offering December loading cargoes of Bonga at around dated Brent plus $1.30 a barrel.
Eni and Vitol were offering Bonny Light at dated Brent plus $1.20 a barrel.
Qua Iboe was offered below dated Brent plus $1.00 a barrel for Dec. 10-20 loading.
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