W. Africa Crude-Total awarded IOC tender with Suezmax

Published 12/07/2019, 16:33
Updated 12/07/2019, 16:40
© Reuters.  W. Africa Crude-Total awarded IOC tender with Suezmax

LONDON, July 12 (Reuters) - Vitol and Total won a tender
from India's IOC which closed on Thursday, with the latter due
to send a Suezmax for an unspecified grade of West African
crude.

NIGERIA
* European gasoline cracks have benefitted from the shutdown
at Philadelphia's main refinery, providing a boon for Nigerian.
* Although the Philadelphia Energy Refinery (PES) facility
was a consistent buyer of West African and especially Nigerian
crude, only one cargo bound for Philadelphia has been diverted
since a fire partially shut down operations.
* The imports suggest Nigerian and other crude bound for PES
may be diverted to nearby Philadelphia refineries, a boost to
the Atlantic coast products market.
* Price offerings remained relatively high but were
beginning to come off, with ENI offering a cargo of Brass River
at a premium of $2.20 above dated Brent, down from last week.
* Data from the U.S. Energy Information Administration on
Friday showed the U.S. had imported no Nigerian oil in its
latest survey period, also importing none from Kuwait and
Venezuela.
* Around 6 cargoes remain for July loading.


ANGOLA
* The preliminary September loading program is due at the
beginning of next week.
* Traders said a days-long outage at the Saturno offshore
field was due to maintenance.
* Angola's Sonangol had first offered a cargo of the grade
for a August 29-30 loading after already delaying it once and
will now offer it for September 2-3.

RELATED NEWS
* Surging U.S. oil output will outpace sluggish global
demand and lead to a large stocks build around the world in the
next nine months, the International Energy Agency (IEA) said on
Friday. * Asia oil refining margins have more than tripled in the
past three weeks to hit their highest since September 2017,
Refinitiv data showed on Friday, after refiners cut output and
tightened fuel supplies.

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