W. Africa Crude-Angolan Clearing Amid Strong Margins

ANGOLA

* Around 10 cargoes remain for September loading.
* Asian refining margins for middle distillates have improved as Chinese independent refiners received new product export quotas last month, driving up demand for September and October arriving cargos.
* After three months of poor sales to top customer China, most Angolan crude grades are being offered at prices of between 50 cents and a dollar above dated Brent more than for August.
* Girassol was heard to have been offered for a premium of as much as of $3.00 compared to dated Brent, Dalia at almost $2.70 and Cabinda above $1.50.
* Traders say offers may need to come if the cargos are to fully clear and avoid another monthly overhang.

NIGERIA

* Differentials for August loading Bonny Light and Qua Iboe crude were at well below a $2.00 premium to date Brent, with a cargo of Bonny, heard to have sold for as low as $1.50.
* The overhang of August loading cargos has muted September sales and encouraged buyers to seek discounts.
* Traders said the declaration of force majeure at Libya’s main oilfield may provide a boon to Nigerian crude, sales of which have suffered amid a glut of U.S. and North Sea grades.

TENDERS

* 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.

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