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West Africa Crude-Nigerian August Cargoes Set To Clear

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Nigerian crude for loading in August was finally on the cusp of clearing after the most persistent oversupply in 2019, as sellers hope prices can now rise for barrels loading later.

NIGERIA

* Africa’s largest oil refinery will not be finished until the end of 2020 due to problems importing steel and other equipment, said executives at Dangote, which is building the facility in the Nigerian commercial hub of Lagos.

* Fewer than 10 remain for loading in August.

* Prompt loading cargoes for Qua Iboe and Bonny Light have sold in recent days for just under a premium of $2 compared to dated Brent.

* Price differentials have suffered due to ever-increasing imports of light sweet crude from the United States from traditional markets, especially in Europe this month.

ANGOLA

* Chinese crude imports in July reached 9.66 million barrels per day, a 14% increase on the year as margins have improved for middle distillates like diesel.

* Price offerings for the remaining handful of cargoes of were heard to have slipped around 30 cents from last week.

* Both independent and state-run refineries owned by Hengli Petrochemical Ltd and Sinopec ended their summer maintenance, driving up capacity.

* Angola displaced Russia and Brazil to become the top supplier of Chinese independent refineries in July, S&P Global Platts said this week, up nearly 20% on the month and 90 percent on the year.

* Only a few Angolan cargoes remain for loading in September, traders said, in one of the fastest trading months of this year.

TENDERS

* India’s IOC issued a tender for a cargo for loading on October 1-10 which closed on Wednesday, though the winner did not emerge.

* Uruguay’s ANCAP issued a tender for crude discharging on October 8-12 also closing on Wednesday, with the winner unknown.

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