Thursday, July 8, 2010

WAfrica Crude-Nigerian supported as India buys

LONDON (Reuters) - Nigerian crude oil differentials remained well supported on Thursday as Indian buying tenders mopped up some August- and September-loading cargoes.

Stronger Mediterranean and North Sea crude differentials have also helped to lift the market this month.


* Less than 10 Nigerian cargoes were available for August loading, including Brass River, Amenam, Agbami, Erha and potentially re-offered Forcados.

* Indian refiner Bharat Petroleum Corp (BPCL) has bought 4 million barrels of Agbami, Qua Iboe and Algerian Saharan Blend for loading in August and September in a tender, traders said.

"This will help clear some of the remaining cargoes, particularly the Agbami which was lingering," said a trader.

* Qua Iboe: Valued at dated Brent plus $1.90 to plus $1.80, a shade weaker than on Wednesday but still a relatively firm level for the grade.


* Plutonio: BP was heard to have moved its August 15-16 cargo to Unipec.

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