W.Africa Crude Slow to Trade; Nigerian Glut Fading

Posted by Eric Haun
Friday, August 22, 2014

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

Most buyers have baulked at the initial offers of Angolan crude, which a trader said were $1 a barrel or so higher than previously traded prices. Business has focused on term cargoes and only one spot trade has come to light.

The overhang of September Nigerian cargoes is showing signs of easing as a drop in differentials, contango in the Brent market and wider refinery margins have helped cargoes to find buyers. "Most are now sold," said one.

Angola

Total sold a cargo of Pazflor, a trader said, in the first known spot trade for October.

Cabinda: Offered by Chevron at dated minus $1.70, a trader said, down from the initial offer and 40 cents below the last known offer from state oil company Sonangol.

Offer levels, relative to dated Brent, were last heard to be as follows for other grades. They are higher than previously heard traded prices.

  •     Dalia -$2.50
  •     Kissanje, -$0.70
  •     Nemba, -$1.30
  •     Plutonio, -$1.80
  •     Saturno, -$5.25


Nigeria
Qua Iboe was still valued at around dated Brent plus $1 a barrel, in line with Thursday.

Most cargoes for September loading have been sold, a trader said. At the start of the week, the general view among traders was that around 10 cargoes were available.

Offers for October cargoes are so far scarce. Qua Iboe will load 12 cargoes, a trader said, the same as in September but a lower daily loading rate.   

(Reporting by Alex Lawler; Editing by David Holmes)

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

Fjords Processing Bags Johan Sverdrup Contracts

Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea.

Energy

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

News

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Logistics

Antwerp, Duisburg Ports to Upgrade Rly Link

The Port of Antwerp and duisport are intensifying their cooperation as the Port of Antwerp will participate in the existing rail shuttle service connecting the two ports.

Litgas, Statoil JV to Develop Baltic Sea LNG

Natural gas supply and trading company Litgas, part of Lithuania's state owned energy holding Lietuvos Energija, and Statoil, leading global energy company in oil and gas production,

Greek Shipping Mulls Cyprus Move

Greek shipping companies are looking into moving to Cyprus due to the instability and uncertainty in Greece, it emerged, reports Cyprus News Agency.   The director

 
 
Maritime Security Maritime Standards Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1589 sec (6 req/sec)