London — Nigeria will export slightly less crude from its four main oil streams in September, according to preliminary loading programmes seen by traders, while a large overhang of at least 25 cargoes remains from August.
* Exports of Bonny Light, Bonga, Qua Iboe and Forcados crude are set to reach 878,000 barrels per day (bpd) in September, down slightly from 954,000 bpd in August.
* Nigeria’s state oil company NNPC lowered the August price premiums for Bonny Light crude to 163 cents per barrel from 204 cents in July and Qua Iboe to 157 cents from 215 cents the month before, in a sign demand is seen to have eased.
* Between 25-40 cargoes remained for August loading, as some oil majors appeared set to absorb excess cargoes into their own refining systems.
* The end to various refinery closures due to maintenance could provide a boost to sales.
* Price offerings for top grades Qua Iboe and Bonny Light were heard to stand a little over $2.00 above dated Brent.
* The Forcados stream was heard to be having a particularly difficult month as the new offshore Egina field has attracted more attention from buyers.
* Angolan state oil company Sonangol was close to finalising term allocations for September cargoes, and it remained unclear which grades they would seek to sell as spot cargoes.
* Sluggish Chinese buying slowed sales for the July and August loading periods.
* Improved East Asian margins and expected stock builds may provide a boost to September buying, traders said.
* Taiwanese refiner CPC Corp has issued a tender for a West African grade set to close next week, though further details did not emerge.
* Indonesia’s Pertamina has issued a tender for one cargo per month for October-December delivery, set to close on Monday.
* A June 21 fire and explosion set to permanently close the biggest oil refinery on the U.S. East Coast has shaken markets as far away as the North Sea and West Africa, leaving millions of barrels of unsold oil in need of a new home.
* Chinese oil refiners want changes to tax laws on the consumption and sale of fuel oil in order to start producing low-sulphur marine fuel when new global clean fuel rules start in 2020, four executives at Chinese oil companies said this week.