W. Africa Crude-Nigerian programmes emerge, volumes largely steady

Published 23/02/2021, 18:03
© Reuters.

LONDON, Feb 23 (Reuters) - Nigeria's main export programmes
for April emerged by Monday, with volumes set to stay largely
steady from March plans.

* Nigeria's Qua Iboe stream will export six cargoes,
Forcados 7, Bonga 3 and Bonny Light 7.
* Nigeria is due to export five cargoes from the Egina
stream - lately its most valuable per barrel - as well as five
cargoes of Escravos and four cargoes of Agbami.
* Gunvor sold an early March-loading cargo of Qua Iboe crude
for an unusually low dated Brent minus $1 per barrel.
* Brazilian sweet Tupi crude, a competitor for certain oil
grades from Angola and Congo, soared in value as Chinese buying
after the Lunar New Year picked up.
* Differentials for Middle East crudes slipped as the
Chinese buying cycle came to a close.
* West African grades are due to see even less interest from
East Asia as the high Brent-Dubai DUB-EFS-1M favoured
non-Atlantic basin crude and backwardation rendered West African
grades less attractive than crude closer to home.
* March-loading Angolan cargoes had yet to completely sell
out, a sign of very slow trading this late into the buying
cycle.

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Tuesday, suggesting a jump in shipments has run out of steam.
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ascent of Arab petroleum power and the face of the 1973 oil
embargo that brought the West to its knees, has died.

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