July 17, 2019 / 4:11 PM / a month ago

W. Africa Crude-Large Nigerian overhang looms ahead of programmes

LONDON, July 17 (Reuters) - One of the largest supply surpluses in months looms for Nigerian crude days before its preliminary September programmes are due to be released.

ANGOLA

* Angolan state oil company Sonangol was working out its term allocations for September cargoes, traders said, a day after it released its preliminary export programme.

* Only about 2-3 August-loading cargoes remained as Asian margins and freight rates improved while Chinese refiners sought to meet quotas.

* August buying by China, Angola’s top customer, was not heard to have drastically improved from the dismal July loading period, though prices had come off significantly.

* Around 2-3 cargoes of Congolese Djeno also remained from August amid the sluggish East Asian demand.

NIGERIA

* Around 40 cargoes remained for August loading as preliminary September programmes were awaited later this week or early next.

* Nigerian light sweet varieties have been in competition with booming U.S. output, while a major bounce for European gasoline margins in the wake of the Philadelphia refinery outage has not resulted in improved Nigerian sales.

TENDERS

* Indonesia’s Pertamina has issued a tender for one cargo per month for October-December delivery, set to close on Monday.

RELATED NEWS

* Officials from Eni sought to convince a witness, a former manager with the firm, to withdraw some statements he made during investigations into a Nigerian corruption case involving the group, a court heard on Wednesday.

* U.S. crude stockpiles fell more than expected last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. (Reporting by Noah Browning; Editing by Jan Harvey) ))

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