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July cargoes start to move

30 May 2012, 09:17

 London - Nigerian crude oil cargoes which will be loaded in July have started to find homes, traders said, although they kept details on prices under wraps amid lacklustre Eastern demand.    
Traders said sellers of Nigerian grades were reluctant to show offers while buying tenders - such as that from India's Bharat Petroleum Corp Ltd. - were running. It was unclear which, if any, West African crude BPCL bought in the tender. "The longer this goes on without a lot of demand from the East, it's not looking very strong," a West African crude trader said.    
* Qua Iboe: Exxon was heard to have moved one or two of its July cargoes - the July 11-12 and the July 12-13 shipments.   
* Opinion on the grade's value was around dated plus $2.00 to $2.10, on a par with Monday.   
* Erha: Shell moved its July 8-9 cargo to a Chinese buyer, and Exxon sold the July 23-24 cargo.   
* More than half of the Angolan July loading programme has already been sold. Some grades, including Cabinda, have sold out
* Girassol: Valued at around dated plus $1.20 and offered at dated plus $1.90. Statoil sold its July 19-20 cargo to Conoco, a trader said. A fourth cargo was added to the final July loading programme, issued on Monday.   
* Indonesia's Pertamina has issued a monthly tender to buy sweet crude for August delivery, traders said. The tender will close on Wednesday, they said.   
* BPCL issued a tender to buy light, sweet crude for loading in the last 10 days of July, traders said. Offers remain valid until May 29.   

- Reuters

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