Reuters
Published Aug 23, 2019 17:32
W. Africa Crude-Nigerian October programmes show roughly steady exports
LONDON, Aug 23 (Reuters) - The preliminary October export
schedules for most grades of Nigerian oil had circulated among
traders by Friday, with the top streams providing about the same
volumes as the previous month.
NIGERIA
* Exports of Nigeria's four key crude oil grades Bonny
Light, Bonga, Qua Iboe and Forcados are set to rise in October
by 8,000 barrels per day, with a notable drop in Qua Iboe from
253,000 barrels per day (bpd) to 184,000 bpd.
* Waning U.S. gasoline demand has weighed on Nigerian diffs
in recent days, with offers for Bonny Light and Qua Iboe sliding
below $2.50 above dated Brent.
* Planned maintenance in early September to the Buzzard
field in the North Sea, which feeds main grade Forties, may
provide support for comparable Nigerian grades, traders said.
ANGOLA
* Asian refining margins have tumbled more than 50% since
mid-July in anticipation of plummeting demand for high sulphur
fuel oil (HSFO) ahead of a shift to cleaner marine fuels next
year. * Cargoes of heavier crude for October export have been
marked up by around $1 from more prompt loading cargoes in
anticipation of the IMO 2020 marine shipping rules.
* The switch to low sulphur fuels is expected to boost Asian
margins shortly, but signs point to buyer scepticism, and diffs
for competing grades are on the wane.
* The selling price for a cargo of Australian Van Gogh sold
for a premium of $8 compared to dated Brent, down from an
all-time high of $12 the previous month. RELATED NEWS
* Frontline has agreed to buy 10 Suezmax oil tankers from
Trafigura in a cash and share deal worth up to $675 million
which will make the Geneva-based trading firm the group's second
biggest shareholder.
Written By: Reuters
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