Five Angolan Crude Cargoes for February Said to Be Still UnsoldRupert Rowling
Five Angolan crude cargoes, or about 10 percent, for loading in February remain available, about normal for this time of the month, according to three traders who participate in the market.
Unsold grades for export next month include two shipments of Pazflor, and one each of Dalia, Hungo and Saturno, said the people, who declined to be identified because the information is confidential. All lots are for 950,000 barrels.
Two months ago, one cargo was left unsold, two traders involved in the region’s oil said Nov. 9. Three months ago, seven consignments were still available by Oct. 9.
Angola plans to export 50 cargoes totaling 1.7 million barrels a day of crude in February, compared with 59 shipments for December, according to a revised shipping schedule obtained by Bloomberg News. Two Saturno lots were added to the original plan. The export program for March is scheduled to be released next week.
Benchmark Cabinda grade was today 49 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. That’s near the four-month high of 55 cents premium on Jan. 2.
Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.