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

Finance

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.

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

Energy

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

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

News

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.

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

Delta "T" Hooks for Offshore Customer

Gaining further ground into the offshore crane market, Delta "T" Systems supplied Cranston Eagle hooks to crane manufacturer Appleton Marine, Inc.   These cranes

Logistics

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.

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.

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

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage 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: 0.1145 sec (9 req/sec)