August 15, 2019 / 4:17 PM / 8 days ago

W. Africa Crude-Angolan programmes expected as diffs for last cargoes fluctuate

LONDON, Aug 15 (Reuters) - Preliminary programmes for the export of Angolan crude in October were beginning to emerge on Wednesday, traders said, as buyers and sellers sought to agree on prices for the last remaining cargoes from the previous month.

ANGOLAN

* Fewer than five cargoes were still available from the September loading programme.

* A cargo of Girassol was last seen offered at around a premium of $2.80 compared to dated Brent, after having sunk from about $3.00 to $2.70 last week.

* Glencore has sought to offload its cargo of Dalia, usually one of the best selling grades, at around $2.00 above dated Brent, down from $2.70 last week.

* Fuel oil refining margins have plummeted in Asia, suggesting heavier crude grades like Angolan may begin to struggle after a month of relative highs for the residual fuel had led to strong sales Eastward.

NIGERIA

* At least 30 cargoes of Nigerian crude were still available for September loading.

* Shell and Sahara were heard to have been awarded a tender by Turkey’s Tupras with a cargo of Bonny Light each, though prices did not immediately emerge.

* India’s IOC appears to have stepped up its imports of West African oil this week, with Glencore set to send a VLCC of Escravos for mid-September loading.

* Sellers were attempting to capitalize on the clearing of surplus barrels for August export and raising price offerings for September cargoes, with major grade Qua Iboe being marketed for $2.60 above dated Brent compared to $2 for late August.

* An uptick in U.S. gasoline demand may also provide a boon to lighter Nigerian grades which have seen exports to the United States fall as U.S. consumption of domestic crude ramps up.

* Marathon Oil Corp is scheduled to take a cargo of Nigerian Forcados crude loading later this month for arrival at its Long Beach refinery and is becoming one of the most consistent U.S. buyers of Nigerian oil.

RELATED NEWS

* Kenya is set to export its first crude oil after its government and a group led by explorer Tullow Oil picked trading company ChemChina UK Ltd to buy its first shipments, the Petroleum and Mining Ministry said.

* U.S. crude oil stockpiles rose unexpectedly for a second week in row as refineries cut output last week, while fuel inventories posted surprise drawdowns with gasoline demand hitting a record high, the EIA said on Wednesday.

Reporting by Noah Browning; Editing by Jan Harvey

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