April 12, 2019 / 3:15 PM / 3 months ago

W. Africa Crude-Angolan set to clear as June programme looms

LONDON, April 12 (Reuters) - Trading activity was muted on Friday as Angolan May-loading crude cargoes dwindled ahead of the release of the June programmes early next week. May-loading Nigerian cargoes continued to trade slowly as high offers deterred buyers.

ANGOLA

* About six cargoes remained from the May Angolan programme, which sold briskly this month on relatively good freight rates and strong Asian demand for heavy-medium grades.

* Most of the remaining cargoes are held by Equinor , which has often shipped to independent Chinese refiners.

* A trader said that marketing of the Mostarda stream from Angola’s newly operational Kaombo Sul offshore field is set to begin in late May or early June.

* Angola’s June loading programme is expected early next week.

NIGERIA

* More than 20 cargoes of Nigerian crude were still available from the May programme, with programmes for June loading expected some time after April 22.

* A trading source said that a tightening WTI-Brent spread could aid Nigerian sales, causing a decrease in U.S. crude shipments bound for Europe, which comparable Nigerian grades are well placed to fill.

RELATED NEWS

* Chevron Corp unveiled a $33 billion takeover of Anadarko Petroleum Corp on Friday, bolstering its position in shale oil and liquified natural gas production.

* Auto giants must do battle with used cars from Japan and the Middle East to tap the potential for rapid growth in Africa’s huge market as trade tensions threaten sales elsewhere.

* China’s March crude oil imports fell from the previous month as state-owned refiners began maintenance, though refined fuel exports soared to the highest level in at least seven years. (Reporting by Noah Browning Editing by David Goodman) ))

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