W. Africa Crude-Nigerian crude overhang slow to clear

LONDON, Aug 13 (Reuters) – Some prompt-loading Nigerian crude cleared on Tuesday but there was still an overhang of at least 25 cargoes of Nigerian grades due to the plentiful availability of light, sweet crude in the Atlantic Basin.

* Nigerian September loading Brass River was on offer at dated Brent plus $2, Usan at dated Brent plus 70 cents, Qua Iboe at dated Brent plus $2.245-$2.65 a barrel and Forcados at dated Brent plus $2.25 for early September and close to plus $2.70 for end-month cargoes.

* Traders said that Glencore sold a cargo of end-August loading Qua Iboe into the Mediterranean. One said that the cargo was split with some of the oil going to Italy.

* A handful of Angolan grades remained from the September programme.

* Angolan Girassol was being offered at dated Brent plus $2.85, Kissanje at more than dated Brent plus $2.00 and Glencore was offering Dalia at dated Brent plus $2.00.

* Turkey’s Tupras issued a buy tender for Sept. 25 to Oct. 15 delivery closing this week.

* IOC has issued two tenders for Oct. 9-18 and 18-27 loading. They close on Wednesday.


* Commodities trader Trafigura is joining forces with shipping firms Frontline and Golden Ocean to supply marine fuel ahead of a shake up in regulation which could disrupt delivery and cause prices to spike.

Reporting By Julia Payne; editing by Jane Merriman


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