LONDON, Aug 15 (Reuters) - Preliminary programmes for the
export of Angolan crude in October were beginning to emerge on
Wednesday, traders said, as buyers and sellers sought to agree
on prices for the last remaining cargoes from the previous
month.
ANGOLAN
* Fewer than five cargoes were still available from the
September loading programme.
* A cargo of Girassol was last seen offered at around a
premium of $2.80 compared to dated Brent, after having sunk from
about $3.00 to $2.70 last week.
* Glencore (LON:GLEN) has sought to offload its cargo of Dalia, usually
one of the best selling grades, at around $2.00 above dated
Brent, down from $2.70 last week.
* Fuel oil refining margins have plummeted in Asia,
suggesting heavier crude grades like Angolan may begin to
struggle after a month of relative highs for the residual fuel
had led to strong sales Eastward.
NIGERIA
* At least 30 cargoes of Nigerian crude were still available
for September loading.
* Shell (LON:RDSa) and Sahara were heard to have been awarded a tender
by Turkey's Tupras with a cargo of Bonny Light each, though
prices did not immediately emerge.
* India's IOC appears to have stepped up its imports of West
African oil this week, with Glencore set to send a VLCC of
Escravos for mid-September loading.
* Sellers were attempting to capitalize on the clearing of
surplus barrels for August export and raising price offerings
for September cargoes, with major grade Qua Iboe being marketed
for $2.60 above dated Brent compared to $2 for late August.
* An uptick in U.S. gasoline demand may also provide a boon
to lighter Nigerian grades which have seen exports to the United
States fall as U.S. consumption of domestic crude ramps up.
* Marathon Oil Corp (NYSE:MRO) is scheduled to take a cargo of Nigerian
Forcados crude loading later this month for arrival at its Long
Beach refinery and is becoming one of the most consistent U.S.
buyers of Nigerian oil.
RELATED NEWS
* Kenya is set to export its first crude oil after its
government and a group led by explorer Tullow Oil TLW.L picked
trading company ChemChina UK Ltd to buy its first shipments, the
Petroleum and Mining Ministry said. * U.S. crude oil stockpiles rose unexpectedly for a second
week in row as refineries cut output last week, while fuel
inventories posted surprise drawdowns with gasoline demand
hitting a record high, the EIA said on Wednesday.
Asian fuel oil refining margins https://tmsnrt.rs/2YRhSVc
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