June sales: Nigeria, Angola crude oil cargoes thrive

As June crude export plans begin to emerge, Nigerian and Angolan stocks seem to be thriving. Seven cargoes of Qua Iboe, including one deferred from May have surfaced. Two April-loading of Qua cargoes were also deferred to May, putting its total at eight, just above the June level on a barrel-per-day basis.

Loading plans also showed four Erha, Amenam and Akpo cargoes, one Yoho and two Usan. The plans also included six cargoes of Agbami and Escravos and five cargoes of Brass River, though not all were full sized. Little other trading surfaced despite a backlog of roughly 20 cargoes from the May loading plan. Several more June loading plans surfaced, but key grades Bonny Light and Forcados were still pending.

Bonny loadings will rise to 195,000 barrels per day (bpd), from 169,000 bpd in May, while Forcados will increase to 298,000 bpd, up from 283,000 bpd.

Traders said a cargo of Qua Iboe had traded at a premium of roughly $1 per barrel versus dated Brent, but further details were not available.

Vitol had won a tender to supply India’s IOC with two cargoes of crude oil. The tender sought oil loading June 21-30. The grades were not immediately clear.

Sonangol sold a June-loading cargo and finished its allocations. Spot trading activity was subdued while the market awaited more loading programmes and digested offers from Sonangol’s June export plan.

The Angola state oil company had sold a cargo of June-loading Saturno, and was offering several others, traders said. The firm had three Dalia, and one cargo each of Hungo, Olombendo, Pazflor and Sangos. A total of 11-12 cargoes went to term buyers, though further details were not immediately available. A handful of May loading Angolan cargoes were also still available.

Sonangol was also offering three Dalia cargoes at dated Brent minus $1.50 per barrel, one cargo of Olombendo at dated Brent plus $1.40, Girassol at Brent plus $1.20 and a cargo each of Hungo and Sangos at 40 cent discounts.

FRANK UZUEGBUNAM