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Forcados crude oil loading delays stretch beyond two weeks: traders

London (Platts)--29 May 2018 728 am EDT/1128 GMT


Loading delays at Nigeria's Forcados terminal have pushed above two weeks, according to market sources, with no official new loading program for June or July released by the terminal's operators.

Flows to the Forcados terminal reportedly resumed last week after repairs were made to correct a minor leak on the Trans-Forcados pipeline. But sources said delays had continued to mount which has, in turn, impacted the release of a fresh schedule for June or a firm schedule for July.

A tentative rescheduling of the June cargoes has been making the rounds in the market showing delays of up to two weeks. But trading sources said it seemed unlikely the new dates would actually hold and actual delays are expected to be longer.

"Forcados is taking a bit of a battering reputationally," a trader said. "Bigger buyers will always find a home for cargoes even with some uncertainty over cargo loading dates. But value can be affected as more marginal buyers look elsewhere to [minimize] their risk."

A representative from Shell could not be immediately reached for comment.

--Paula VanLaningham, paula.vanlaningham@spglobal.com
--Edited by Jeremy Lovell, jeremy.lovell@spglobal.com

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