London — Nigeria’s October loading programmes are expected imminently as Angolan differentials are set to improve amid improved demand for heavy sweet crude, traders said.
Preliminary programmes for October export were set to emerge starting on Wednesday and the official selling prices (OSPs) late on Thursday.
At least 20 cargoes remain for loading in September, a relatively small number as south Asian buying has picked up in the last two weeks despite lacklustre European demand.
* Price offerings for major grades Bonny Light and Qua Iboe were heard to stand around a premium of $2.50 compared to dated Brent.
State oil company Sonangol was finalizing its term allocations a day after preliminary programmes for October showed a small drop in exports.
Prices had recovered by close to a dollar for September loading cargoes after a difficult three months brought on by Chinese refinery maintenance, before suffering a slight drop last week.
Also Read: W. Africa Crude – Nigerian programmes expected as Angolan diffs set to rise
With last month’s cargoes clear, traders expect looming marine fuel shipping rules to deliver big gains for heavy sweet Angolan grades like Girassol, Cabinda, Hungo, Mondo and Dalia.
Heavy sweet Chadian crude grade Doba also continues to attract strong interest for refining into bunker fuel, with prices approaching a premium of $1 compared to dated Brent.
Traders said Vitol took all three August-loading cargoes of Doba, with at least one and possibly more bound for Fujairah, a hub of refining overhauls geared toward IMO 2020 rules.
* Two long-awaited pipelines out of the busiest U.S. shale patch started shipping oil to Gulf Coast export hubs last week.
* The first U.S. crude cargo offered on the Platts trade platform for Asia appeared, but attracted no interest.