Barrels of oil
While Asian traders were mopping up Angola’s crude oil, Nigeria’s crude
remains in ample supply, languishing as it waits buyers.
According to Reuters, Nigeria’s Erha programme surfaced after weeks of
delays that traders said related to a disagreement between state oil
firm Nigerian National Petroleum Corporation (NNPC) and the field
operator, Exxon-Mobil.
Programmes for Erha were issued after several weeks of delay. Four
cargoes will be loading in March and three in April, the programmes
showed. NNPC also issued its official selling price for Erha in March at
nine cents above dated Brent, up from a 17 cent discount in February.
About 15 March-loading Nigerian crude cargoes are still available,
traders said, and a force majeure on Forcados exports was doing little
to boost differentials for most grades.
Bonny Light for April loading was offered at dated Brent plus $1.50 per barrel and Bonga at a $1 premium.
"NNPC is in discussions over long-term agreements to exchange crude oil
for imported oil products, but fresh deals are unlikely to be finalised
this week. The delays have put the country at risk of gasoline
shortages," it added.
According to the report, Sonangol only had an end-month Dalia for sale
having already sold five spot cargoes including Sangos, Gimboa, Palanca
and Dalia, while China’s Sinochem took six term cargoes under term
agreements while Unipec took four.
It also revealed that Asian buyers snapped up spot cargoes but traders
said US firm Phillips66 had also taken at least two April cargoes,
including a Plutonio and a Hungo. Total sold a spot cargo of Pazflor to
Asia though the buyer was not immediately clear. Offers for other April
loading cargoes were firming with Sonangol offering Dalia at dated Brent
minus $3.20.
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