West Africa Crude: April cargoes clear, but fresh Qua loading delays

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Several cargoes from April loading programmes cleared out on Friday, but trading was otherwise limited while buyers held on for lower differentials to dated Brent.

ANGOLA

* A late April cargo of CLOV traded but further details were not available.

* Chinese buyers, a key outlet for Angolan crude, were slow to pick up fresh cargoes, limiting the sales of medium and heavy grades, traders said.

* Some were expecting lower differentials.

* State-owned Sonangol made its last formal offers on Wednesday, lowering the offer to Dalia to a 20 cent discount, from a 10 cent discount, offering Sangos at minus 40 cents, Saturno at minus 30 cents. It was also offering Hungo at a 10 cent premium.

NIGERIA

* Vitol sold cargoes of Escravos and Qua Iboe for end-April loading.

* ExxonMobil issued yet another revised loading plan for Qua Iboe, at least its fourth revision this year.

* Interest in light grades such as Akpo and Agbami was picking up as gasoline and naphtha cracks improved. Traders said PetroIneos bought a cargo of Akpo, but the differential was not immediately clear.

* Grades such as Bonny Light, Qua Iboe and Escravos were offered at premiums of more than $1 per barrel.

TENDER

* Indonesia’s Pertamina issued a tender to buy crude for June delivery, including Bonny Light, Escravos Qua lboe or Forcados. The tender closes on April 4.

* Trader AOT won a tender to buy Congo’s Djeno, but was already reoffering it to other buyers.

* There is also a tender running to sell Cameroonian Kole.

RELATED NEWS

* Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said.

* Oil analysts have grown more unsure that OPEC’s supply cut will be enough to offset the increase in U.S. production and do not believe prices will reach $60 a barrel until early next year, according to a Reuters poll on Friday.

 

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