Wednesday, October 27, 2010

W.Africa Crude-Nigerian slips as December programmes rise


http://af.reuters.com/article/nigeriaNews/idAFLDE69Q2ET20101027

* Nigeria to export at least 2.15 mln bpd in Dec (2.10 Nov)

* 77 full/part-cargoes in Dec, up from a revised 71 in Nov

* Nigerian Qua Iboe reported sold below dated plus $1.50

* Angolan steady as Asian buyers soak up barrels

LONDON, Oct 27 (Reuters) - Nigerian crude oil differentials
slipped on Wednesday following news of a bigger-than-expected
export programme planned for December.

Nigeria will export at least 2.15 million barrels per day
(bpd) of crude oil in December, up from about 2.10 million in
November, trade sources said, far above its OPEC target as its
onshore oilfields recover from years of political violence.
[ID:nLDE69Q1EM]

The export figures for December exclude any cargoes from the
Pennington stream, which could add another cargo and increase
the overall total, the sources said. Another stream, Oyo, could
produce a part-cargo for export, they said.

Differentials for Angolan crude grades were supported by
steady Asian demand with several of the loading streams now sold
out, particularly for heavier grades.

NIGERIA

* Most of the last details of the December loading
programmes emerged with news of two Abo cargoes, both of 700,000
barrels, and seven 950,000-barrel cargoes of Akpo condensate.

* Qua Iboe was again offered for early December at dated
plus $1.50, traders said, and traders said at least one cargo
had been sold by Exxon for early December at between dated plus
$1.40 and plus $1.45. The market was generally weaker for Qua
Iboe and most other lighter grades, traders said.

* Agbami: reported offered at around dated Brent plus 60-65
cents but buyers at or slightly above the official selling price
of dated Brent plus 40 cents.

* Bonny Light was again reported talking at a discount to
Qua Iboe, possibly at around dated Brent plus $1.30 but no deals
were heard done to confirm this level.

ANGOLA

* Cabinda: Chevron was said to be indicating two Cabinda
cargoes, both asking above dated Brent minus $1.00 but buyers
were said to be 20-30 cents lower.

* Girassol: only one Girassol cargo was reported still
available for December lifting and Sonangol was said to be
indicating that cargo at around dated Brent plus 30 cents.

* Dalia: Sonangol again asked dated minus $1.95 for its
December cargoes, traders said, but buyers were said to be
closer to dated minus $2.60.

* Hungo: all cargoes were reported sold with every one of
them heading east to Asian buyers, traders said. The last cargo
was said to have been sold at around dated Brent minus $2.50.

ASIAN TENDERS

* Taiwan's CPC Corp has open a tender to buy sweet crude for
January arrival. The tender will close on Oct. 26 with bids
valid until two days later, traders said.

* State-run Indian Oil Corp. (IOC) has opened a tender to
buy sweet crude for January loading. Grade offers are due by
Oct. 25, with price offers requested by Oct. 26. Offers must
remain valid until Oct. 27.
Reporting by Christopher Johnson; editing by Alison Birrane)

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