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West African Crude under pressure due to unsold cargoes

 

 

 

By Reuters

LONDON
Petroleumworld 06 11 2018

West African crude prices were stable on Friday amid thin activity, with asking levels considered too strong amid abundant supplies of competing light grades, traders said.

ANGOLA

* Sonangol was believed to have sold out of its July cargoes. August's loading programme is due next week.

* More than 10 cargoes are still available for sale from the July loading programme that originally contained 43 cargoes.

* Brent-linked crudes are trading at their largest premium to rival U.S. grades in over three years, at close to $11 a barrel, which has encouraged traditional buyers of Nigerian and Angolan crudes, such as Indian and Chinese refineries, to take a growing number of U.S. cargoes.

NIGERIA

* Nigerian cargoes from the June programme have sold out, removing some of the surplus from the market.

* However, several cargoes from the 48-strong Nigerian July programme had still not cleared in a move to put further pressure on values ahead of the release of the August schedule.

* Shipments of Bonny Light remained subject to force majeure. Exports stopped almost a month ago after a leak further up the pipeline.

________________________

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Reporting by Amanda Cooper and Dmitry Zhdannikov, editing by Louise Heavens from Reuters.


reuters.com 06 08 2018

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