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Saturday, November 25, 2017

W. Africa Crude: Spot Trade Slows with Flurry of Tenders

November 3, 2017

© Anatoly Menzhiliy / Adobe Stock

© Anatoly Menzhiliy / Adobe Stock

Spot trade in west African crude slowed on Friday after a few Indian and Indonesian tenders were issued, though demand was seen recovering after a month in the doldrums with traders looking to do deals ahead of the year end.
 
Demand was muted for November loading due to competing, cheaper alternative U.S. crude exports that have been going increasingly to Asia.
 
Angola's state firm Sonangol was offering a cargo of Olombendo loading Dec. 17 and a cargo of Dalia for Dec. 19-20.
 
Chevron sold a cargo of Agbami to a U.S. refiner.
 
The number of unsold November cargoes has dwindled this week and traders said December cargoes are finding buyers.
 
Tenders
India's IOC issued a buy tender for west African crude loading Dec. 9-20. Part one closes on Nov. 8 and part two on Nov. 9 with validity ending on the same day.
 
Indonesia's Pertamina issued a buy tender for January delivery crude cargoes closing on Nov. 8 with validity until Nov. 13.
 
India's BPCL issued a buy tender for December and January loading crude. The first part closes on Nov. 7 and the second on Nov. 9 with validity until Nov. 10.
 
Indonesia's Pertamina closed a buy tender for the first quarter of 2018. Results were expected next week.
 
 
(Reporting By Julia Payne; Editing by Elaine Hardcastle)
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