Six Angolan crude cargoes for loading in March, about 11 percent of scheduled volumes, still haven’t been sold, five traders who participate in the market said.
That’s fewer than normal at this stage in the month, said the people, who asked not to be identified because the information is confidential. Unsold grades for export next month include two shipments of Kissanje and one each of Cabinda, Girassol, Kuito and Nemba, they said. The size of the lots ranges from 920,000 barrels to 1 million barrels.
Five February cargoes hadn’t been sold as of Jan. 9, three traders said at the time.
Angola plans to export 56 cargoes totaling 1.74 million barrels a day of crude in March, compared with 49 shipments for February, according to a final shipping schedule obtained by Bloomberg News on Jan. 28.
Benchmark Cabinda grade was today 41 cents a barrel more than Dated Brent, the North Sea benchmark used to price more than half of the world’s oil, according to data compiled by Bloomberg. It rose to a premium of 55 cents on Jan. 2, the highest in almost four months.
Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.
To contact the reporter on this story: Rupert Rowling in London at firstname.lastname@example.org
To contact the editor responsible for this story: Stephen Voss at email@example.com