West Africa Crude-Weak Asian demand, high freight weigh

12 Nov, 2018

Cargoes are still finding other buyers as the number of unsold shipments has fallen from Friday.

NIGERIA

* At least 30 Nigerian cargoes are left from the December programme, lower than 35 as estimated on Friday.

* Cepsa was heard to have bought the Erha cargo loading Dec. 5-6 that Vitol sold last week. One trader estimated the deal was done at around dated Brent plus $1.20.

* Offer levels were stable. Qua Iboe was last heard to have been offered at dated Brent plus $1.75 a barrel, which one trader saw as far above market value.

ANGOLA

* Five to six cargoes are remaining from the December loading programme, down from eight estimated on Friday. The January programme is expected to be issued later this week.

* BP is among the sellers still with barrels to clear, a trader said.

TENDERS

* Indonesia's Pertamina re-issued a tender to buy West African crude loading on Dec. 1-15. No result has emerged as yet for the tender, which was valid until Monday.

* Indian Oil Corp. is running a tender to buy crude loading on Jan. 1-15. The tender remains valid until Tuesday and could take December-loading cargoes, a trader said.

Copyright Reuters, 2018
 

 

 

 

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