July 12, 2019 / 3:34 PM / 5 months ago

W. Africa Crude-Total awarded IOC tender with Suezmax

LONDON, July 12 (Reuters) - Vitol and Total won a tender from India’s IOC which closed on Thursday, with the latter due to send a Suezmax for an unspecified grade of West African crude.


* European gasoline cracks have benefitted from the shutdown at Philadelphia’s main refinery, providing a boon for Nigerian.

* Although the Philadelphia Energy Refinery (PES) facility was a consistent buyer of West African and especially Nigerian crude, only one cargo bound for Philadelphia has been diverted since a fire partially shut down operations.

* The imports suggest Nigerian and other crude bound for PES may be diverted to nearby Philadelphia refineries, a boost to the Atlantic coast products market.

* Price offerings remained relatively high but were beginning to come off, with ENI offering a cargo of Brass River at a premium of $2.20 above dated Brent, down from last week.

* Data from the U.S. Energy Information Administration on Friday showed the U.S. had imported no Nigerian oil in its latest survey period, also importing none from Kuwait and Venezuela.

* Around 6 cargoes remain for July loading.


* The preliminary September loading program is due at the beginning of next week.

* Traders said a days-long outage at the Saturno offshore field was due to maintenance.

* Angola’s Sonangol had first offered a cargo of the grade for a August 29-30 loading after already delaying it once and will now offer it for September 2-3.


* Surging U.S. oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday.

* Asia oil refining margins have more than tripled in the past three weeks to hit their highest since September 2017, Refinitiv data showed on Friday, after refiners cut output and tightened fuel supplies. (Reporting by Noah Browning; Editing by Kirsten Donovan) ))

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