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 November 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Southern California Port Congestion

Hapag-Lloyd informs about the congestion at the ports of Los Angeles and Long Beach that has reached a critical point. I. Several container ships are anchoring

GAC Starts Hull Cleaning Op'ns in Oman

GAC EnvironHull hull cleaning operations using the brush-and-diver-free HullWiper system starting at the port of Sohar, just outside the Gulf of Hormuz. This

Bulker Arrives to US on Her Maiden Voyage

The Port of Vancouver USA welcomed the Kypros Unity, commanded by Capt. Wilfredo F. Itable of Cyprus, on her maiden voyage Oct. 28. Capt. Itable and his 20-member

Energy

U.S. Drillers Cut Rigs to Lowest since August

Energy companies have reduced the number of rigs drilling for oil in the United States to the lowest since August, shifting more rigs in favor of natural gas as crude prices dive,

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Libyan Government: Ports, Oil Fields Safe

Libyan oil ports and fields are safe and under government control, the country's interior minister said on Friday after visting the eastern Brega port. "This

News

U.S. Drillers Cut Rigs to Lowest since August

Energy companies have reduced the number of rigs drilling for oil in the United States to the lowest since August, shifting more rigs in favor of natural gas as crude prices dive,

Equinox Class Scrubber Systems Receive Certification

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite

Wärtsilä, Diesel United Renew Pact

Wärtsilä and Diesel United Ltd in Japan have signed a ten-year renewal of their co-operation agreement for the sale, manufacturing and servicing of Wärtsilä low-speed marine engines.

Government Update

Italy Ending Med Sea Rescues

Rights groups warn of risk of more deaths; EU mission Triton will have more limited scope. Italy said on Friday it would close a sea rescue mission that has saved the lives of more than 100,

MARAD Tests Alternative Power for Ships

The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy.   The National Defense

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Logistics

U.S. Drillers Cut Rigs to Lowest since August

Energy companies have reduced the number of rigs drilling for oil in the United States to the lowest since August, shifting more rigs in favor of natural gas as crude prices dive,

Italy Ending Med Sea Rescues

Rights groups warn of risk of more deaths; EU mission Triton will have more limited scope. Italy said on Friday it would close a sea rescue mission that has saved the lives of more than 100,

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Repair Shipbuilding / Vessel Construction
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: 0.2133 sec (5 req/sec)