New tenders to buy oil for West Africa

Business & Economy

New tenders to buy oil and problems that cut exports from Libya and the North Sea supported light sweet West African oil. Medium and heavier grades had less of a boost, but traders said low freight rates underpinned premiums to dated Brent.

* Angola’s state oil company Sonangol offered cargoes of two addition grades of oil, Olombendo and Sangos. It offered Olombendo at dated Brent plus at 80 cents, 20 cents above the previous month’s offer.

* The company was also offering two cargoes of Dalia at dated Brent minus 30 cents a barrel, a Saturno cargo at dated Brent minus 40 cents a barrel and a Hungo at dated Brent plus 10 cents. It recently sold cargoes of Cabinda and Saxi.

* The number of cargoes it was selling was the highest in recent memory, traders said.

* Traders confirmed that ExxonMobil had sold its February cargo of Pazflor after offering it at dated Brent minus 30 cents a barrel, but the buyer was not clear.

* Roughly a third of Angola’s February loadings remained available for sale. Exxon was offering Dalia at minus 80 cents, while BP was also showing Dalia.

* Nigerian oil, particularly light grades such as Bonny and Qua Iboe, were supported by a pipeline blast that cut exports from Libya by 80,000-100,000 barrels per day (bpd).

* Qua Iboe was offered at dated Brent plus $1.90 per barrel.

* Exxon was also offering February loading Usan at 25 cent premiums to Brent.

* Chevron had sold a cargo of Agbami, but neither the buyer nor the differential were immediately clear.

 

Source: Reuters

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