Wednesday, July 20, 2011

WAfrica Crude-Nigerian grades slip on comfortable supplies
* Nigerian Qua/Bonny valued at dated plus $1.60-$1.70
* Angolan oil exports to rise in September

    LONDON,(Reuters) - Nigerian benchmark grades slid
further on Monday to hit a new 8-month low, with several cargoes
from the exceptionally large pool of August supplies still
unsold just days ahead of the expected release of the September
Nigeria's loading programme for August showed supplies at
arount 2.25 million barrels per day and the highest level in
more than 5-1/2 years. Traders estimated that as many as eight
cargoes or roughly 200,000 bpd were still unsold for next month. 
"I think prices could still fall further," said a West
African crude oil trader. 
    * Qua Iboe: Valued at around dated plus $1.60 to plus $1.70
on Monday and the lowest since November 2010.  
    * Traders said that up to 8 Nigerian cargoes remained for
August, including at least one each for the two benchmark grades
Qua Iboe and Bonny Light.  
    * Traders said that cargoes remained of Bonga, Brass River
and Forcados. 
    * The country is scheduled to export 1.67 million bpd of
crude oil in September, provisional loading data from trade
sources showed on Monday.  
    * This is higher than the original loading programme for
August of 1.58 million bpd but at least one cargo was later
added to this, traders said. This will leave exports up around
60,000 bpd or 4 percent month-on-month. 
    * Traders said nearly all August-loading cargoes were sold
with the exception of one Nemba.  
    * Sinopec Corp has shut down about a third of its oil
production, or about 10,000 bpd, in Gabon after a pipeline leak
last week, the west African country's oil minister said on
    *Petral, the trading unit of Indonesian state-run energy
firm Pertamina, reissued a tender to buy sweet crude for
September delivery, a trader said on Thursday. 
    * The second tender will close on July 18 with offers valid
until a day later. The company did not award its first tender as
offers were too high. 

(Reporting by Emma Farge; Editing by Anthony Barker)

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