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West Africa Crude-IOC clears some cargoes

West Africa Crude-IOC clears some cargoesLONDON: An Indian tender helped mop up some west African crude on Wednesday, while some more Angolan traded on spot.

Spot trade has ramped up over the last two weeks, helped by a major Libyan outage that took 800,000 barrels per day of alternative crude from the market. On Wednesday, Libya’s NOC announced the lifting of force majeure on the key ports.

Less than 20 cargoes remain from Nigeria’s August programme as a result of the increased demand.

Nigerian Bonny Light, Qua Iboe and Forcados were last heard to be on offer at around dated Brent plus $2 a barrel.

ExxonMobil sold its cargo of Angolan Girassol that it had been offering at dated Brent plus 60 cents a barrel as well as its cargo of CLOV.

Angolan CLOV cargoes were said to be sold out and Chevron also sold its cargo of Cabinda loading Aug. 13-14 that had been offered at dated Brent minus 50 cents. Final price and buyer details did not immediately emerge.

Close to 10 cargoes of August-loading Angolan crude were still available, traders said.

Copyright Reuters, 2018
 

Source: Brecorder

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