Monday, April 19, 2010

WAfrica Crude-Steady or weaker as Nigerian programmes rise

* May Forcados programme increased to 5 from 3 - sources * Nigeria's May crude exports to average around 2.1 mln bpd * Angolan June crude exports 1.73 mln bpd vs 1.83 mln in May * Benchmark Qua Iboe weaker -- assessed at dated plus $1.15
LONDON, April 19 (Reuters) - West African crude oil
differentials came under additional pressure on Monday with news
of extra Nigerian cargoes loading in May despite poor refining
margins in most centres. Two more Nigerian Forcados crude cargoes will load in May,
trade sources said, pushing up the country's total crude oil
exports to around 2.1 million barrels per day (bpd), from closer
to around 2.05 million bpd previously. Demand for most grades is reported to be weak with refining
margins unattractive in the U.S. Gulf, northwest Europe and the
Mediterranean, Reuters refining models show.
NIGERIAN * Two extra Forcados crude oil cargoes have been added to
Nigeria's loading schedule for May, with five cargoes of the
heavy, low sulphur crude now set to load instead of three. The
programme now has two 950,000-barrel NNPC cargoes, one of which
is reported to be moved by Sahara, plus three 1 million-barrel
cargoes loaded by Shell, traders said. * Benchmark Qua Iboe BFO-QUA was assessed at between dated
BFOE plus $1.10 and plus $1.15, down 5-10 cents from last week.
ANGOLAN * Angola will export less crude oil per day in June than in
May, preliminary loading schedules show. [ID:nLDE63I1RK] * Angola's oil exports are scheduled to slip to 1.73 million
barrels per day (bpd) in June from a revised 1.83 million bpd
scheduled for May, trade sources said. Loading programme shows
54 full or part cargoes of crude oil due to load in June, down
from 59 in May and 57 in April. * Nemba: June assessments around dated BFOE minus 15-20
cents, in line with the last May deals. * Dalia: June barrels assessed at dated BFOE minus $3.70 or
lower, also in line with the last May cargoes sold.
INDIAN TENDERS * Bharat Petroleum Corp (BPCL), India's second-largest
refiner, has open a tender to buy June-loading crude oil. Grade
offers for the tender were due by April 16, price offers by
April 19, with validity open until April 20. [ID:nTOE63D04L]
For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click here

(Reporting by Christopher Johnson; editing by Amanda Cooper)

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