April 16, 2018 / 5:16 PM / in 9 days

W. Africa Crude-Angolan June exports to slip, little spot trading

LONDON, April 16 (Reuters) - Angola’s June export plan emerged with 1.44 million barrels per day (bpd), slightly below May and potentially a seven-year low. Other trading was limited as the market awaited more export plans.

ANGOLA

* Just 10 million barrels were left from the May export plan, traders said, after state oil company Sonangol sold out late last week.

* Sonangol issued its preliminary June export plan, which showed the lowest loadings since June 2011, according to Reuters data.

* While Chinese buying has been limited by an excess of cargoes and maintenance at some plants, analysts at JBC said maintenance could peak this month.

* “As such it is unlikely that this effect will remain in place for more than a couple of weeks before returning refining capacity starts to clear the backlog in May,” JBC said of the limited Chinese buying interest.

NIGERIA

* One cargo of Qua Iboe will sail to India as part of the most recent IOC tender, traders said.

* Dozens of May-loading cargoes had yet to trade, with majors Total, Shell and BP all offering. But traders said some of these would likely be absorbed into the systems of the majors who held them.

* Curtailment meetings with Nigeria’s NNPC over the June export plans were expected on Wednesday, with loading programmes later that evening or on Thursday.

* Sources said it was possible that NNPC could issue the details of the 2018 crude oil contracts before the programmes were issued, but no further details were available.

TENDERS

* Total placed one cargo of Qua Iboe and another of Angola’s CLOV into the latest tender from India’s IOC.

* IOC did not take any other West African grades as part of the tender, which sought several million barrels for loading in June and July.

* Indonesia’s Pertamina was also running a tender to buy 600,000 barrels of May-loading oil.

Reporting by Libby George Editing by Alexander Smith

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below