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Buyers await Qua Iboe exports restart as trading remains muted

Sales remained slow and few cargoes traded with refining margins still squeezed.

* Traders expected the Qua Iboe export terminal to resume production this week, though such expectations earlier this month proved overoptimistic and Exxon said the force majeure declared almost a month ago remains in place.

* Sonangol had yet to sell its three spot cargoes, with Asian demand elusive because of poor refining margins.

* A cargo of Angolan Djeno was being offered at a little lower than dated Brent plus 50 cents.

* In Nigeria, the FPSO Abigail Joseph started loading its first crude cargo this week. The FPSO is at the Anyala West field, a joint venture between NNPC and First E&P.

* Nigerian crude was selling more rapidly, especially to Asian buyers, with offers of Forcados at around dated Brent plus $1.50.

* Traders expected coronavirus mobility restrictions to keep sale prices of light sweet grades lower than current offer levels, with Bonny Light expected to trade below dated Brent plus $1.

* Along with a cargo of Nigerian Akpo, India’s IOC awarded a tender for crude loading in late February to Western Canada Select (WCS).

* Pertamina closed another two buy tenders for crude for late February and early March arrival, but results were slow to emerge.

Source: Yahoo! Finance

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