From: Wagner, Jonathan
Sent: Tuesday, April 14, 2020 12:37:27 PM (UTC-06:00) Central Time (US & Canada)
To: Wagner, Jonathan
Subject: N. Sea / WAF / Med Diffs

North Sea Crude-Troll drops to -$2.45/bbl, Oseberg hits new record low – Reuters News

North Sea Troll crude differentials dropped to their lowest level since at least 2018 on Tuesday and Oseberg recorded a new record low since records began in 1995, as the market was hit by a global supply glut.  Buzzard field is near to running at full rates after suffering production issues since Friday, said a person familiar with the matter.  The field wasn’t completely shut, but rates were down following the issues, the person said.  The share of Buzzard in Forties crude was 24% in the week to April 12, Ineos said on its website.



No deals.

Troll: Equinor bid at dated Brent minus $2.50 loading April 30-May 4.

Oseberg: Vitol withdrew at dated Brent minus $1.90 cif Rotterdam loading May 6-16. This equates to around minus $2.91 on a fob loading basis, according to Reuters calculations.

Oseberg: BP withdrew two offers cif Rotterdam – one at dated Brent minus $2.45 loading May 11-18 and one at minus $2.90 loading May 3-11. These equate to around minus $3.46 and minus $3.91 on a fob loading basis, according to Reuters calculations.

Ekofisk: BP withdrew two offers cif Rotterdam – one at dated Brent minus $2.20 loading May 3-11 and one at minus $1.95 loading May 11-15. These equate to around minus $2.98 and minus $2.76 on afob loading basis, according to Reuters calculations.



W. Africa Crude-Nigerian, Angolan cargoes linger, OPEC+ agrees output cut – Reuters News

A glut of Nigerian and Angolan crude weighed on the market on Tuesday with demand from China slower than in the last few weeks.  OPEC and its allies agreed to cut production by 9.7 million barrels per day (bpd) over the weekend.  Nigeria pledged to cut around 400,000 bpd and Angola around 350,000 bpd of output in May and June but further details were slow to emerge.



Shell lifted a force majeure on exports of Nigeria’s Forcados crude oil after the pipeline transporting it reopened after being shut since April 4, the company said in a statement on Monday.  "It’s a buyer’s market right now," one trader said, adding that nothing was shifting.  The glut of unsold Nigerian oil was around 60 cargoes for April and May.  Cargoes of Qua Iboe and Bonny Light crude continued to be offered at around dated Brent minus $3.00.



Angola’s state firm Sonangol had yet to sell its cargoes of May-loading CLOV and Dalia cargoes, traders said.  Both cargoes were being offered around dated Brent minus $5 a barrel.

The preliminary June program should emerge by the end of the week with around 20 cargoes still available from the May program.



MED CRUDE: CPC Loadings to Rise in May; Hellenic Urals Tender

CPC Blend loadings for May to rise but will stay below a record high set in March. Hellenic Petroleum issued new tender to buy Urals after failing to award previous one last week.

No bids, offers for Urals, Azeri Light, CPC Blend on Platts window

LOADING PROGRAMS: CPC Blend crude loadings for May set at 5.73m tons from the terminal near Russia’s Black Sea port of Novorossiysk, equivalent to about 1.46m b/d

Compares with 5.31m tons, or 1.4m b/d scheduled for April

Azeri Light Crude Exports Via Supsa Steady at 4 Cargoes in May

May exports will total 2.55m bbl, or about 82k b/d

Program comprises 3 cargoes of 650k bbl each and one lot of 600k bbl

Compares with 4 cargoes totaling 2.55m bbl or 85k b/d in April





Jonathan Wagner

Ion Energy Group

180 Maiden Lane 25th Floor

New York, NY  10005

Direct: 212-709-2261

Cell: 914-843-6986




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