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W. Africa Crude-Nigerian crude overhang slow to clear

Published 13/08/2019, 17:49
© Reuters.  W. Africa Crude-Nigerian crude overhang slow to clear
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LONDON, Aug 13 (Reuters) - Some prompt-loading Nigerian
crude cleared on Tuesday but there was still an overhang of at
least 25 cargoes of Nigerian grades due to the plentiful
availability of light, sweet crude in the Atlantic Basin.

* Nigerian September loading Brass River was on offer at
dated Brent plus $2, Usan at dated Brent plus 70 cents, Qua Iboe
at dated Brent plus $2.245-$2.65 a barrel and Forcados at dated
Brent plus $2.25 for early September and close to plus $2.70 for
end-month cargoes.
* Traders said that Glencore sold a cargo of end-August
loading Qua Iboe into the Mediterranean. One said that the cargo
was split with some of the oil going to Italy.
* A handful of Angolan grades remained from the September
programme.
* Angolan Girassol was being offered at dated Brent plus
$2.85, Kissanje at more than dated Brent plus $2.00 and Glencore
was offering Dalia at dated Brent plus $2.00.
* Turkey's Tupras issued a buy tender for Sept. 25 to Oct.
15 delivery closing this week.
* IOC has issued two tenders for Oct. 9-18 and 18-27
loading. They close on Wednesday.

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