Thursday, September 13, 2012

WAfrica Crude-Stronger as October cargoes find homes

GENEVA, (Reuters) - West African crude oil
differentials firmed a little on Thursday as remaining supplies
of Nigerian and Angolan grades found homes with end-consumers
and as another Asian buying tender was announced.
    Two Indian refiners are in the market for sweet crudes
loading in November and both may take West African barrels,
especially if differentials remain as depressed as they have
been with the absence of many U.S. end-consumers.
    Only a handful of the almost 160 cargoes due to load across
the region in October are still available, traders said, with
more than 30 cargoes of Nigerian, Angolan and other African
producers said to have been sold over the last week.
    More Asian buying tenders for November are expected to be
announced over the next week, traders said.

    * Only around half a dozen of 72 Nigerian crude cargoes for
lifting in October are left unplaced with end-users, traders
said, including a Bonga, Yoho, Bonny and two Qua Iboe cargoes.
    * Qua Iboe BFO-QUA: BP was said to be re-offering a Qua
Iboe cargo for Oct. 26-27 at above dated Brent plus $2.50, a
level considered "speculative" by one potential buyer. Exxon was
also reported to be offering a Qua Iboe cargo for loading in the
last three days of October.

    * Five cargoes loading in October were still unplaced,
traders said, comprising Kissanje, Girassol, Saxi, Palanca and
    * Kissanje: Exxon offered a cargo at dated Brent plus 30
cents with bids said to be close to below dated Brent.
    * Girassol: Total offered an end-October Girassol cargo at
dated Brent plus 60 cents, but buying indications were seen
around plus 20 cents and doable levels somewhere in the middle
of this range, traders said.
    * Mangalore Refinery and Petrochemicals Ltd (MRPL) has
tendered to buy 600,000 barrels of low sulphur crude oil loading
in November on an fob or delivered basis, tender documents
showed on Thursday. Quality offers must be submitted by Sept. 18
and must remain valid until Sept. 21.
    * India's Bharat Petroleum Corp (BPCL) has tendered to buy
one or more cargoes of light, sweet crude loading in November,
tender documents show. Quality offers to the oil refiner must be
submitted by Sept. 14 and price offers by Sept. 17 and must
remain valid until Sept 19. 
    * State-owned refiner Indian Oil Co Corp (IOC) bought five
West African light, sweet crude oil cargoes for loading in
November, traders said. IOC took two Nigerian Qua Iboe cargoes
from Chevron, one Qua Iboe and one Nigerian Bonga cargo from
Glencore and one Angolan Kissanje cargo from Morgan Stanley.
Price details were not disclosed. Details of the awards could
not be confirmed with officials at IOC or with the traders
reported to be involved. 
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click on:

 (Reporting by Christopher Johnson; Editing by Alison Birrane)

No comments:

Post a Comment