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Monday, November 20, 2017

As IOC Books Cargoes, Nigerian October Liftings Mixed

August 17, 2017

File Image (CREDIT: AdobeStock / (c) Carabay)

File Image (CREDIT: AdobeStock / (c) Carabay)

India's IOC booked a total of 4 million barrels from traders Shell and Total, while Nigeria's initial October export plans mostly showed slipping levels.
 
NIGERIA
  • Export plans for Forcados, Qua Iboe, Bonny Light, Bonga Erha, Amenam and Usan nearly all showed lower figures compared with September.
  • Forcados exports were scheduled to rise to 256,000 bpd, and Erha also showed an increase. But Qua Iboe, the largest export stream, and the other grades released were all set to slip month-on-month.
  • There were roughly 10-15 cargoes left from the September loading plan.
  • Official Selling Prices for July were expected by Friday.
  • Differentials have been supported by strong refinery margins.
 
ANGOLA
  • Trading was limited as state oil company Sonangol allocated cargoes from its recently issued October export plan.
  • October loadings were set at 1.7 million bpd aboard 55 cargoes, the highest bpd level since September 2016.
  • The September export plan sold quickly on the back of strong demand in China and an overall tightness in medium and heavy crudes.
 
TENDERS
  • Traders Shell and Total won a tender to supply Indian Oil Corp with cargoes of West African crude loading in late October. Total would supply one VLCC with two million barrels, but the grades were not immediately clear.
  • India's BPCL was also running a tender to buy 1 million barrels of Nigerian crude for October loading. It closes on Aug. 22.
 
RELATED NEWS
  • Saudi Arabia's crude oil exports in June fell slightly to 6.889 million barrels per day (bpd), 35,000 bpd lower than the May level, official data showed.
  • Fires broke out at two refineries, one 410,000 bpd unit in Dalian, China, and a second at Shell's 375,000 bpd Deer Park, Texas, refinery in the United States.
 
Reporting By Libby George 
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