November 26, 2018 / 4:47 PM / 5 months ago

W. Africa Crude-Buyers wait for big Nigerian programmes as surplus persists

LONDON, Nov 26 (Reuters) - Activity in the West African crude market got off to a slow start on Monday, as traders awaited the release of two major Nigerian programmes.

* Traders said there was no sign as yet of either the Bonny Light or the Forcados programmes, both of which are under Shell’s control.

* Chevron was said to have sold a cargo of Nigerian Agbami for January delivery. Cargoes of Agbami for December delivery were said to have been indicated at a discount of 50 cents to dated Brent, while Amenam was shown at a premium of 55 cents, traders said.

* Total has been showing Qua Iboe at a premium of $1.70 to dated Brent, where this grade has been indicated for a couple of weeks. But given the scale of the surplus of unsold cargoes in the market, buyers have been few and far between.

* There are more than a dozen Nigerian December loading cargoes still available for sale, on top of the January schedules, traders said.


* State firm Sonangol was offering six spot cargoes in January. It was offering Saturno at dated Brent minus 20 cents a barrel and Dalia at dated Brent plus 10 cents a barrel.


* Taiwan’s CPC opted for 4 million barrels of U.S. WTI in a tender last week to buy crude for delivery in February.

* IOC was said to have bought a delivery of Agbami crude from Total in a prompt tender, one trader said.

* Thailand’s PTT is looking to purchase between 300,000 and 1 million barrels of light sweet crude for arrival between mid January and mid February, in a tender that closed on Thursday last week. (Reporting by Amanda Cooper; Editing by Jan Harvey) ))

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