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WAfrica Crude-Nigerian slightly firmer
March 1, 2012 / 5:27 PM / 6 years ago

WAfrica Crude-Nigerian slightly firmer

 * Qua Iboe firms 10-20 cents towards dated plus $3.00
 * Several Angolan grades sold out
 * M.Stanley wins BPCL tender with Nigerian - traders
 * Eyes on Indonesian tender result due Friday
 LONDON, March 1 (Reuters) - Nigerian crude oil
differentials strengthened a little on Thursday as Asian demand
for several key light, sweet grades emerged after most of the
Angolan programme for April had already been placed.	
 Buyers and sellers of Nigerian crude had been far apart but
a series of tenders have scooped up several million barrels,
tightening the market for some grades.	
 Morgan Stanley was reported to have placed two cargoes of
Nigerian crude into an Indian tender this week and another
tender, from Indonesia, was expected to be awarded this week
probably also involving Nigerian barrels.	
 "The market is firming due to this tender demand, I think,"
said one trader. "Tender business tends to be done at higher
numbers than spot."	
         	
 NIGERIA	
 * Qua Iboe: Exxon was reported offering Qua Iboe recently
for April as high as dated plus $3.40 this week, but most
traders assessed doeable levels much lower, closer to plus
$2.80/$3.00, still 20-30 cents above recent quotes.	
 * Bonny: Pegged at a discount of around 15-20 cents below
Qua Iboe, a margin that is diminishing as loadings return to
normal after the lifting of the recent force majeure.	
 * Usan: Glencore has offered its Usan cargo loading April
28-29 at Dated Brent plus $1.70. Buyers were said to be around
30 cents lower. Total and Exxon have both issued spot tenders to
sell Nigeria's Usan grade for April. Three cargoes of the new
crude will load in April 9-10 (Total), 18-19 (Exxon) and 28-29
(Glencore). Total's tender will close on Thursday with bids
valid until Friday. Exxon's tender will March 7. 	
 	
 ANGOLA	
 * Several of the biggest grades were reported sold out
entirely for April loading, including Nemba and Cabinda.	
 * Dalia: Valued at dated plus 30 cents.	
 * Hungo: Pegged at dated minus minus 40 cents. 	
 * Girassol: Traders said two or three cargoes remained and
recent deals have been done around dated plus $2.20.	
 	
 TENDERS 	
 * India's BPCL was reported to have awarded its tender for
light sweet crudes to Morgan Stanley, which sold Agbami and Qua
Iboe, and to Total, which supplies Es Sider, traders said,
although the details were not confirmed.	
 * Petral, the trading unit of Indonesian state-run energy
firm Pertamina, has a buying tender running for May-July
delivery. Traders expect results to emerge on Friday.	
 	
 DATABASE 	
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 (Reporting by Christopher Johnson; editing by William Hardy)	
 	
 

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