July 11, 2019 / 4:14 PM / 5 days ago

W. Africa Crude-Nigerian July spot cargoes remain, traders report Saturno outage

LONDON, July 11 (Reuters) - Nigerian oil was selling consistently on good European gasoline margins as a handful of spot cargoes remained for July loading — though a sizeable overhang looms — while traders reported an outage to the Saturno crude stream offshore Angola.

NIGERIA

* High European gasoline cracks provided an incentive for imports of Nigerian oil, as the Philadelphia refinery outage has boosted margins and gasoline exports from Europe.

* Around 6-8 cargoes of Nigerian crude were heard to remain for July loading.

* Higher production on the Forcados and Bonny light streams for August loading suggests Nigeria may have a sizeable overhang when new programmes emerge next week even amid higher demand.

* BP sold two cargoes, an Escravos and Okono, to CEPSA as southern European gasoline margins were also robust.

ANGOLA

* Two traders said a days-long outage at the Saturno offshore field was behind the deferral of a cargo of the grade by state oil company Sonangol to next month.

* It was not possible to immediately confirm the outage nor whether it was planned or due to maintenance with Sonangol or BP, which operates the block.

* Less than 10 cargoes of crude remained for August loading, as the Dubai-Brent spread measuring the competitiveness of Middle East versus Atlantic grades remained relatively favourable compared to most of this year.

* Chad’s August-loading programme of heavy sweet Doba crude was heard to have sold out, amid strong demand for such grades due to looming marine fuel regulations and the absence of comparable Iranian and Venezuelan grades.

TENDERS

* India’s IOC issued a tender to buy crude for Sept. 16-25 loading, set to close on Thursday.

RELATED NEWS

* OPEC forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies.

* Police fired guns and teargas in a clash with a protesting Shi’ite Muslim group in Nigeria’s capital city Abuja, Reuters witnesses saw. (Reporting by Noah Browning; editing by David Evans) ))

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