July 22, 2019 / 4:59 PM / a month ago

W. Africa Crude-Activity slow despite OSP price drop

LONDON, July 22 (Reuters) - Spot activity was muted on Monday amid a glut of oil in the Atlantic basin and despite last week’s drop in Nigerian official selling prices for August cargoes.

* About 25 cargoes remained for August loading, with some oil majors looking set to absorb excess cargoes into their own refining systems.

* Shell and Phillips 66 offered cargoes of August-loading Forcados at dated Brent plus $2.60 a barrel.

* Nigerian grades Qua Iboe and Bonny Light have recently been offered at more than dated Brent plus $2.

TENDERS

* Taiwanese refiner CPC Corp has issued a tender for a West African grade, with the tender closing this week.

* Indonesia’s Pertamina closed a tender for one cargo a month for October-December delivery but the result was slow to emerge.

RELATED NEWS

* U.S. commodities trader Bunge and British energy company BP will merge their Brazilian sugar and ethanol operations to create the world’s third-largest sugar cane processor, they said on Monday.

* Libya’s National Oil Corporation (NOC) has restarted the Sharara oilfield and lifted force majeure on loadings of its crude oil from the Zawiya terminal, it said on Monday. (Reporting by Julia Payne Editing by David Goodman) ))

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