London — Differentials for Nigerian crude oil continued to slide as lacklustre refining margins and a plethora of competing grades prompted sellers to lower offers in the absence of demand.
* Up to 20 cargoes remain for August loading amid a glut of light sweet crude from the United States and the North Sea — where differentials are also falling.
* The backlog is putting pressure on prices for September loading, especially for main grades Bonny Light, Qua Iboe and Forcados, which are all being offered at among the lowest rates in 2019.
* Mercuria is attempting to sell a cargo of August loading Forcados after having sold a cargo of mid-month loading Jones Creek on Monday.
* Differentials for August loading Bonny Light and Qua Iboe crude were at well below a $2.00 premium to dated Brent.
* Less than 15 crude cargoes remain for September-loading.
* Girassol, Cabinda and Dalia were being offered at the highest levels of the year while Kissanje and Hungo have also been marked up in response to brisk demand.
* Demand for cargoes arriving in East Asia for September and October are up on increased Chinese oil product export quotas.
* Turkey’s Tupras bought a cargo of Bonny Light from Shell for between a premium of $1.50 – $1.80 to dated Brent, among the lowest rates for the major Nigerian grade this year.
* Thailand’s PTT bought a cargo of Nigerian Agbami crude on behalf of Thai refiner IRPC via a tender awarded last week, likely a late July loading cargo from Chevron.
* Indonesia’s Pertamina has issued a tender for 1.8 million barrels for delivery to Teluk Semangka between October 1-5 and for two 950,000 barrel cargoes for delivery to Balikpapan between October 8-15 and October 22-29, set to close on Friday.