W.Africa Crude-Traders on Sidelines

Posted by Michelle Howard
Friday, April 04, 2014

West African oil differentials were unchanged on Friday, with traders on the sidelines as they assessed the impact of lower North Sea supply and awaited a clearer outlook for Libyan exports.
   

The supply of North Sea crude that underpins the Brent benchmark will average 774,000 barrels per day (bpd) in May, according to loading schedules provided by trade sources on Friday, down from April.
   

This was seen putting upward pressure on Nigerian differentials because oil from the two regions competes for customers.
   

"We're waiting to see what the offers on the North Sea are like," a trader said.
   

Crude oil futures prices fell earlier this week on hopes that Libyan supply would return. This would pressure West African grades because they are of a similar light, low-sulphur composition.
   

Libya has seen evidence of "good intentions" at indirect talks with eastern rebels which could lead to the lifting of their blockage of major oil ports within days, a government minister said on Thursday.
   

But in an example of the chaos and shifting alliances typical of the OPEC producer, divisions in the rebel camp became apparent on Thursday when a senior member told Reuters he and seven others had quit the rebels' leadership team in a conflict with top leader Ibrahim Jathran.
   

Supporting differentials, Nigerian crude supply was the lowest in at least five years, Reuters data showed, due to an outage of the Forcados grade as a pipeline leak prompted a  force majeure. Shell said on Friday the force majeure remained in place.
    
Nigeria

  •     Qua Iboe: Assessed unchanged at around dated Brent plus $2.70-$2.90 a barrel. Traders said at least five cargoes of the grade were available, with only one or two spot trades done.
  •     Forcados: Shell said the force majeure on exports was still in place. A tanker that has been waiting to load for the past three weeks moved into the terminal on Wednesday, although it was unclear whether loading had begun.
  •     Erha: None of four cargoes has been sold, a trader said.
  •     Agbami, Usan and EA grades had sold out, the trader said.

    
    Angola

  •     Grades still available include Cabinda and Girassol.
  •     Differentials for most grades were said to be in line with the previous month, but Pazflor was around 50 cents above dated Brent higher.

    
    Asian Tenders

  •     An MRPL tender is due next week with part one on Monday, part two on Wednesday and the award on Thursday, a trader said.
  •     Pertamina was heard to have taken a Cabinda cargo, a trader said.

    

 (Reporting by Simon Falush; Editing by Dale Hudson)

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas,

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

Energy

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas,

Company Fined for Oil Spill Near Anacortes

Ecology issues $112,500 penalty for sunken vessel.   American Gold Seafoods faces a $112,500 penalty for an oil spill caused by the accidental sinking of its vessel,

News

Messer's CEO Norville Announces Retirement

Bill Heller to assume the position as Messer Cuttings Systems’ President and CEO Gary Norville started at Messer Cuttings Systems Inc. in September 1980 selling and installing cutting machines.

Charter Boat Crew Rescued in Gulf of Mexico

U.S. Coast Guard search and rescue crews worked throughout the night to find a missing charter boat with four people aboard as far as 70 miles off Galveston. A

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Government Update

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Russia, China May Develop Floating Nuclear Power Plants

Russia and the world's top energy user China may jointly develop six floating nuclear power plants (NPPs), Russia's nuclear export body said on Tuesday, a further

Update: U.S. to Seize Kurdish Oil from Tanker off Texas

U.S. authorities are set to seize a cargo of oil from Iraqi Kurdistan anchored off the Texas coast after a judge approved a request from Baghdad, raising the stakes

Logistics

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

Mercator Lines Profit Hit by Low Bulk Freight Rate

Mercator Lines (Singapore) reported a revenue of US$ 16.5 million for Q1 2015, an increase of 19% as compared to correspoding period in the previous previous year, however a net loss of US$ 7.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2215 sec (5 req/sec)