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Nigeria’s Aug programme rouses interest

by Business News Report

More Nigerian loading programmes emerged for August today (Monday) and there was some buying interest for the new grades, traders said, although at least 10 cargoes from July are still unsold. One cargo of Agbami was said to have been sold at less than a $1 premium to dated Brent. Angolan cargoes were also moving slowly due to a pause in Chinese buying interest, traders said. “They are moving slowly and we will have to see what China will do,” said a West African trader.
Qua Iboe, Nigeria’s largest crude stream was assessed unchanged from late last week at dated plus $1.40/$1.60 fob. Amenam it was learnt will load three cargoes in August compared with four for July. Usan is also expected to load five cargoes of around 1 million barrels each compared with four cargoes for July. Okono on its part is expected to load two cargoes in August versus one in July.
Traders said that West African traders’ interest in Pertamina tenders may fall in coming months because of requests
for more favourable credit terms. Indonesia’s Petral bought Algerian Saharan Blend, Libyan Amna and El Sahara via tender to import sweet crude for August delivery. It did not take West African barrels. Indian refinery HPCL has issued a tender to buy August loading light sweet crude. The tender closes on Monday and offers remain valid until tomorrow (Tuesday).

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