W. Africa Crude-Main Nigerian programmes published, trading muted

Published 21/09/2020, 16:50
© Reuters.

LONDON, Sept 21 (Reuters) - Preliminary export plans for
several main Nigerian crude grades emerged on Monday, showing
slightly higher volumes for November than planned for the
previous month.

* Total exports of Nigeria's four main crude oil grades are
set to rise in November to 787,000 barrels per day (bpd), from
736,000 bpd planned for October, according to preliminary
loading programmes seen by traders. * Additionally, four cargoes from the Egina stream are due
to load in November, on par with exports in the previous month.
* Amid sluggish demand in main markets Europe and India,
offers for key Nigerian grades continue to slip.
* India's crude oil imports declined in August, albeit at a
slower pace, as soaring coronavirus cases continued to hit
mobility and slowed economic recovery, government data showed on
Monday. * Offers of light sweet grades Bonny Light and Qua Iboe were
at or below dated Brent flat, but buyers see a discount of 50
cents as a more realistic sale price.
* Around 25 cargoes of Nigerian crude for export in October
have yet to be sold, a relatively slow pace but in line with
poorer-selling months before the pandemic.
* India's IOC awarded its tender for West African crude for
delivery at the end of November to Vitol with a VLCC, traders
said, although details on the grades did not emerge.
* Spot cargoes of Angolan crude for export in October had
just about sold out by Monday, traders added, with lower sales
prices across the board given poorer Chinese demand and margins.

RELATED NEWS:
* After extreme oil volatility that provided traders with
bumper profits in the first half of the year, the market is now
stuck in a lower gear, fatigued by the realities of COVID-19.
* Global oil refiners reeling from months of lacklustre
demand and an abundance of inventories are cutting fuel
production into the autumn because the recovery in demand from
the impact of coronavirus has stalled, according to executives,
refinery workers and industry analysts.

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