July 9, 2018 / 3:33 PM / 5 months ago

W. Africa Crude-Angolan market well supplied, offers steady

LONDON, July 9 (Reuters) - Angolan crude remains in ample supply for August loading, traders said on Monday, suggesting differentials may have to ease to clear cargoes.


* There are about 11 cargoes of August-loading crude still available, traders said, a relatively large volume given that new programmes are expected in about a week.

“It’s pretty long considering it’s a small programme,” a trader said. The August loading schedule lists 41 cargoes, less than during a typical month.

* ExxonMobil was still offering an August-loading Girassol at dated Brent plus 60 cents and a cargo of CLOV at a premium of 40 cents, traders said.

* Chevron was showing its August-loading Cabinda at dated Brent minus 50 cents, unchanged from Friday.


* Bonny Light, Qua Iboe and Forcados were being offered at around dated Brent plus $2. Sellers have bumped up their asking prices as outages curb supply.

* A force majeure on Bonny Light exports remains in place, a trader said.


* Indian Oil Corp. is running a tender to buy crude for loading Sept. 15-25. The tender closes on July 10 and remains valid until July 11. (Reporting by Alex Lawler; Editing by Adrian Croft) ))

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