W.Africa Crude-Trade slow on high diffs
Offers for Nigerian Bonny Light crude and various Ocobter-loading Angolan cargoes were repeated on Friday but met little interest because differentials were considered to high given loading uncertainties in Nigeria and a closed arbitrage to the United States.
Traditional leaders in Nigeria’s oil-producing Niger Delta have demanded that authorities release youths arrested by the army before they will mediate in talks with militants who have been attacking pipelines, a government official said.
The Niger Delta Avengers are behind the major attacks and the most vocal but they have also spawned nearly 30 copycat groups.
Saudi Arabian Energy Minister Khalid Al-Falih tempered expectations that the world’s major oil producers would look to freeze production next month, telling Reuters that the “market is moving in the right direction” already
. Integrated midstream and downstream oil group Puma Energy, owned by Swiss trader Trafigura and Angolan state oil company Sonangol, on Friday posted first-half gross profit up 13 percent year on year on record sales volumes.
About 20 cargoes of October loading Angolan crude was still available, including a handful from the September programme. While Forces majeure on Brass River, Bonny Light, Forcados and Qua Iboe were still in place. * Buyers were on the sidelines as offers were considered to high given the loading uncertainty and surplus of light sweet crude. Indian refiner HPCL awarded its latest buy tender to Glencore, one trader said.