Tuesday, October 16, 2012

WAfrica Crude-Weaker as Angola's exports rise


LONDON, Oct 16 (Reuters) - West African crude oil
differentials came under pressure on Tuesday as news emerged of
a bigger loading programme for Angolan cargoes in December and
as November cargoes continued to depress Nigerian values.
    Angolan oil exports will rise by more than 4 percent in
December to their highest since August at around 1.74 million
barrels per day (bpd) as the West African producer's oilfields
return to full production after maintenance. 
    Up to 15 cargoes of Nigerian crude oil remained for November
just days ahead of the release of the December loading
programmes, squeezing out bids for several grades.
    Offers for the remaining grades were steady but potential
buyers said possible trading levels had slipped by 10-20 cents
across the board.
    * Qua Iboe: assessed around dated Brent plus $2.20, well
below recent offers above dated plus $2.50. Two cargoes were
said still to be available for November.
    * Brass River: offered at dated plus $2 a barrel, but buyers
were said to be around dated plus $1.70 to plus $1.80.
    * Bonny Light: assessed around Qua Iboe minus 40-50 cents
based on unreliability of loading dates and spec, traders said.
    * A total of 56 Angolan cargoes of varying sizes are due to
load in December, up from 52 cargoes in November.
    * The four extra Angolan crude oil cargoes due to be
exported in December are a 1 million-barrel cargo of Girassol, a
985,000-barrel cargo of Palanca, a 950,000-barrel cargo of
Kissanje and a 920,000-barrel cargo of Kuito.
    * All other oil export streams are unchanged from November,
the loading sheet from Sonangol showed.
    * Girassol: assessed around dated Brent minus 10 cents,
traders said, down around 25 cents per barrel since the first
batch of trades for November.
    * Nemba: assessed around dated Brent minus $1.60, again
around 40 cents below levels discussed a month ago. 
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click on:

 (Reporting by Christopher Johnson; editing by James Jukwey)

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