W. Africa Crude-Nigerian crude exports set to rise as diffs stay strong

LONDON, June 25 (Reuters) – Exports of four major Nigerian grades were set to rise for August, according to preliminary export programmes seen by traders, as Nigerian differentials remained strong on European gasoline cracks.

NIGERIA

* Nigeria’s planned August exports for Bonga, Bonny Light, Qua Iboe and Forcados grades were set to hit 954,000 barrels per day (bpd), up 155,000 bpd from July.

* Exports of Forcados rose particularly sharply, up 60,000 to 275,000 bpd after the stream encountered loading delays for July which unnerved traders and hurt the grade’s differentials.

* Differentials for Nigerian were bolstered as European gasoline cracks hit a two-week high on Monday.

* The major fire last week at Philadelphia Energy Solutions, which had imported modest amounts of Nigerian crude, has reduced U.S. domestic refining capacity and driven up prices.

ANGOLA

* An small overhang for July loading cargoes remained, as cargoes for August loading are being offered at relatively lower prices to jumpstart Chinese buying.

* A rise in India’s oil imports from the United States to compensate for Venezuelan and Iranian crude has outpaced growth in shipments from other traditional sources including West Africa, which only slightly grew since the U.S. sanctions on Tehran.

RELATED NEWS

* Russia became the largest crude oil supplier to China in May, supported by robust demand from private refiners and alongside a fall in supplies from Iran.

* A closer look at a dozen tankers containing dirty Russian oil suggests that for the buyers, the Russian oil contamination debacle has a long way to run and will cost them hundreds of millions of dollars.

Reporting by Noah Browning; editing by David Evans

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to toolbar