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

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Caltex Replaces Australian Crew

The 36 Australian crew members of an Caltex tanker refusing to set sail after they were told their jobs would be gone after the next run. MR tanker Alexander Spirit (40,

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,

Energy

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

CNOOC Acquires Asia's 1st LNG Powered Tug

China National Offshore Oil Corporation (CNOOC) has taken delivery of Asia’s first tugboat Hai Yang Shi You 525, designed to operate solely on liquefied natural gas as ship’s fuel.

NITC Claims World's Largest Supertanker Fleet

According to the head of the National Iranian Tanker Company (NITC), Iran has 42 very large crude carriers or VLCCs, each able to carry 2 million barrels of oil, reports Press TV.

News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Logistics

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Is It Too Late To Tangle With Spike in Shipping Market

A series of interesting and extreme price spikes is going on in the shipping market today, says Clarksons, provider of global shipping and offshore market intelligence.

NITC Claims World's Largest Supertanker Fleet

According to the head of the National Iranian Tanker Company (NITC), Iran has 42 very large crude carriers or VLCCs, each able to carry 2 million barrels of oil, reports Press TV.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators
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: 0.1512 sec (7 req/sec)