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.
UPCOMING FIXTURES
Charterer Vessel Cargo Grade Discharge Laycan
Size Zone
Statoil NORDIC MOON Suez Bonga UK 24-May-18
Offshore Continent
Terminal
NPI XIN WEI YANG VLCC DJENO China 24-May-18
UNIPEC GENER8 VLCC CABINDA China 24-May-18
OCEANUS
ST VOYAGER Suez US 23-May-18
Atlantic
Coast
Pertamina DEMETRIOS Suez Indonesia 22-May-18
BP NORDIC CROSS Suez US Gulf 22-May-18
BP DIMITRIS P Suez CABINDA US Gulf 22-May-18
BP FRONT PRINCE VLCC CABINDA EU 22-May-18 Reuters
