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W. Africa Crude-Cargo of new Nigerian grade heads to France, Forcados under FM

Published 15/01/2021, 18:15
© Reuters.
RDSa
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LONDON, Jan 15 (Reuters) - Prices continued to soften due to
a growing overhang on Friday as China's independent refiners
remained on the sidelines while the first cargo of a new
Nigerian grade sailed to France and force majeure hit Nigeria's
Forcados.

* Demand by China's independent refiners has been
unexpectedly lacklustre ahead of the Chinese New Year owing to
the recent spike in Brent oil futures.
* Gasoline and diesel prices that are capped in China have
not yet been raised in line with the recent spike, making it
uneconomic for independents to buy expensive crude cargoes
especially in a flat market structure.
* Forcados exports are under force majeure following a
pipeline shutdown, oil major Shell RDSa.L said in a statement
on Friday. Shell said it made the declaration effective 10 a.m.
local time (0900 GMT) on Jan. 14.
* India's IOC closed two tenders for crude loading on March
1-10 and 4-13. Traders said refiner took 5 cargoes with one
specifying that Vitol and Total were the winners.
* The FPSO Abigail Joseph in Nigeria exported its first ever
crude cargo of Anyala Madu this week, produced by First E&P. A
shipping source said Vitol was the lifter of the first cargo.
The trading house bought a 10% stake in Nigerian producer First
in 2014.
* The Minerva Clara tanker left the FPSO Joseph on Jan. 12
and was heading to Lavera in France, according to Refinitiv
Eikon ship tracking.
* Production at Exxon Mobil's Qua Iboe stream has resumed
after an outage at the end of last year but traders said a
loading programme would not emerge until next week.
* At least 25 cargoes of Nigerian crude were still available
from the February programme along with seven or so cargoes of
Angolan.
* About three or four cargoes of Congolese Djeno were also
still available.

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