Monday, November 28, 2011

WAfrica Crude-Nigerian and Angolan diffs diverge

* Benchmark Qua Iboe seen below dtd plus $3/bbl
* Asian imports set to fall in Dec.

LONDON,(Reuters) - Nigerian crude oil

differentials held below dated plus $3 a barrel on Monday after
rising sharply late last week on higher Asian imports but demand
for Angolan grades remained lacklustre.

"It seems to have spiked. We saw offers near (dated plus) $3
a barrel and some cargoes have moved," said one West African oil
trader, referring to the Nigerian market.

Asian imports of West African crude oil are expected to be
unusually low in December at just 1.26 million barrels per day
compared with around 1.68 million bpd the previous month,
according to oil traders.

This was despite the relatively low price of Brent versus
Dubai which this month has traded at a one-year low of $1.38 a


* Qua Iboe: Traders said offers were around dated plus $3 a
barrel and several tankers from the January programme have been
sold to Asian buyers.

* Traders said they had not yet seen any U.S. buyers lifting
Qua Iboe for January.


* Girassol: assessed for January around dated Brent plus


* Taiwan's CPC Corp has bought about 2 million barrels of
Angolan crude oil via a tender for January, a volume that is
unchanged from the previous month, traders said on Friday.


For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click on:

(Reporting by Emma Farge; editing by James Jukwey)

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