More Nigerian loading programmes emerged on Monday, following the release of the three largest supply schedules last week and showed supply in October could well reach its highest in three months.
* There are still a few smaller programmes yet to be released, but so far October is shaping up to be fairly hefty, based on available loading schedules seen by trading sources.
* So far, at least 38 cargoes of Nigerian crude will load in October, for a daily rate of 1.12 million barrels per day, up from around the same level for September and the largest supply programme since July’s 51 cargoes. * Traders say there are still nearly 30 unsold cargoes from the August and September programmes combined, while a handful of Angolan September cargoes were still said to be up for grabs.
* Last week, the three major Nigerian loading programmes were released and showed supply of Bonny Light, Forcados and Qua Iboe will decline in October to around 544,000 bpd, from September’s combined 630,000 bpd. * Vitol was said to be bidding for Forcados at a premium of $1.20 a barrel, above the current quoted level of $1.00/1.10, but met with no sellers, two traders said.
* The Angolan programme for October meanwhile has increased to 49 cargoes after four Gindungo cargoes were added to the preliminary programme. September had 47 cargoes.
TENDERS * Thailand’s PTT is looking to purchase between 300,000 and 1 million barrels of light sweet crude for Oct 15-Nov 10 delivery. The results are due out by Aug. 22. * Taiwanese refiner CPC is seeking an undetermined amount of light sweet crude for October delivery. The results of the tender were expected by Wednesday.
* India’s HPCL issued a tender for second half October loading crude. The tender closes on Aug. 23 with results expected the following day.
RELATED NEWS * Royal Dutch Shell’s Nigerian subsidiary has recovered more than 95 percent of the oil from two spills that took place this year, although the pipeline that carries crude to the coast for export remains closed, the company said on Monday. Reuters
Pix: vessel conveying crude oil
