LONDON: Nigerian grades continued to struggle on Tuesday, weighed down by a surplus of unsold June-loading cargoes as the July programmes emerged, while Angola’s Sonangol was said to have almost sold out of crude for next month.
NIGERIA
Some 20 cargoes remain from the June loading programme, out of a total of 60 and down from closer to 30 a week ago.
July programmes are starting to emerge, with Qua Iboe, Forcados and Bonga along with a few smaller grades, traders said, adding that this constituted “huge volume” for the market to digest.
Shipments of Bonny Light are still halted. Operator Royal Dutch Shell declared force majeure late last week after a problem on the Nembe Creek trunk line.
A separate shutdown of the Trans Forcados Pipeline since last week has forced a number of June-loading cargoes of this grade to be delayed to July.
ANGOLA
Sonangol has virtually sold out of cargoes from the 43-strong June programme after selling one of two remaining cargoes of Dalia, trading sources said.
Total was said to have sold a cargo of Girassol at what was believed to be at a discount to dated Brent.
TENDERS
Taiwan’s CPC is seeking light sweet crude for August delivery. The tender closes May 23.
Thailand’s PTT is looking to buy between 300,000 and 1 million barrels of light sweet crude for delivery between mid-July and mid-August.
Taiwan’s Formosa bought 1 million barrels of Oman crude for July delivery, while Korea’s KOGAS sold to Unipec 1 million barrels of Basra Light for July delivery.
Indonesia’s Pertamina is running a tender to buy crude for either Aug. 1-10, Aug. 16-20 or early September delivery. The tender closes on Monday.
India’s HPCL is running a tender to buy 6 million barrels of crude for delivery July 1-15 or Aug. 1-10. The tender closes on May 23.
Source: Brecorder
