W. Africa Crude-Overhang lingers as high freight weighs

 LONDON, Sept 30 (Reuters) - Some Nigerian crude cleared in
an Indian tender, but a hefty overhang remained on Monday as
high freight rates coupled with public holidays in big buyer
China this week weighed on demand. * About three to four October loading cargoes of Angolan
crude remained being offered on a delivered basis. * Angola's November programme will be shorter than usual at
38 cargoes owing to maintenance at the Girassol field. * High freight rates caused by the Saudi outage and then the
surprise U.S. sanctions on China's state shipping firm COSCO
have also weighed heavily. * Chevron was said to be offering Cabinda at dated Brent
plus $3.00. * Traders said that force majeure (FM) on Nigerian Bonny
Light exports was still in place. The FM was placed after one of
the two trunklines taking the oil to the export terminal was
unexpectedly shut. * An overhang of October-loading Nigerian crude continued to
linger, with up to 20 cargoes still available. TENDERS * India's IOC awarded its latest November loading buy tender
on Friday taking Agbami, Erha and Forcados, a trading source
said. * South African refiner Astron closed on Monday a tender to
buy a cargo for Nov. 22-23 delivery but winner details did not
immediately emerge. RELATED NEWS * Nigeria's Rivers state has purchased Royal Dutch Shell's stake in an oil mining licence in the restive Ogoniland
region, the state's governor said on Monday. (Reporting By Julia Payne; Editing by Alex Richardson) ))

Leave a Reply

Skip to toolbar