W. Africa Crude-Angolan heavier sweet oil offered at high prices
LONDON, Aug 22 (Reuters) - Angola was offering its heavier sweet crudes at high prices ahead of new low-sulphur fuel rules for marine shipping, while more Nigerian programmes began to emerge for October export.
* Nigeria’s NNPC lowered the September official selling price (OSP) for Bonny Light, down to 145 cents from 163 cents per barrel last month, and Qua Iboe to 144 cents from 157 cents per barrel.
* October loading programmes continued to trickle out including six cargoes of Amenam and five of Escravos.
* At least 20 cargoes remain for loading in Nigeria’s September programme.
* State firm Sonangol was offering two cargoes of Dalia at a premium of $3.00 compared to dated Brent and a cargo of Girassol for $3.20 from the October programme.
* Trader reactions to the offers were mixed, with some viewing them as surprisingly low, others as too high.
* Total was heard to still be holding the last crude left for export in September, a cargo of Dalia.
* Angola, Chad and Cameroon are shaping up to be big winners from new rules to cut sulphur emissions from ships, providing just the heavy sweet oil best refined into cleaner fuels mandated by the IMO 2020 rules effective Jan. 1.
* U.S. refineries have cut the volume of crude processed so far this year, but stocks of gasoline and distillates remain ample, highlighting the slack demand for transportation fuels. (Reporting by Noah Browning Editing by Alexandra Hudson) ))