November 22, 2018 / 4:54 PM / 5 months ago

W. Africa Crude-Nigerian export programmes trickle out; Angolan supply to drop

LONDON, Nov 22 (Reuters) - Spot trade in the West African market remained fairly sluggish on Thursday, as buyers waited for the bulk of the Nigerian export plan for January to emerge, while loadings in Angola are set to fall for a second month in a row that month.

* Angola’s final loading programme for January contains just 43 crude oil cargoes, up one from the preliminary schedule and down from 46 cargoes in December, a source familiar with the matter said.

* The programme includes six spot cargoes.

* Angola will export fewer cargoes in 2018 than at any time since 2011, based on monthly loading programmes.

* Traders said the Nigerian January loading schedules for major grades such as Bonny Light and Forcados had not yet been released. The January Qua Iboe programme, which emerged earlier this week, lists seven cargoes, down from December’s eight.

* Both Qua Iboe and Bonny Light were last indicated around $1.70 a barrel above dated Brent, unchanged over the last week, although buyers were said to find this level far too pricey given the number of unsold cargoes still in the market, traders said.

* Almost a third of the cargoes in the December Nigeria programme were still said to be available for sale, marking the largest overhang in several months in the West African market, according to Reuters calculations.

* Taiwan’s CPC issued a buy tender for crude loading in January or to be delivered in February. The tender was due to be awarded on Tuesday and the rest is expected to emerge on Wednesday.

* 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 closes on Thursday. (Reporting by Amanda Cooper; Editing by Robin Pomeroy) ))

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