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WAfrica Crude-Nigerian boosted by Indian buying
September 26, 2012 / 4:30 PM / 5 years ago

WAfrica Crude-Nigerian boosted by Indian buying

* Qua offers raised to dated plus $2.75 a barrel
    * Around 30 Angolan cargoes sold for November-traders

    GENEVA, Sept 25 (Reuters) - Nigerian crude oil differentials
rallied on Wednesday as strong Indian demand for
November-loading cargoes prompted sellers to raise their offers
for the benchmark grade.
    Qua Iboe was offered at a premium of $2.75 a barrel to dated
Brent or about 20 cents higher than in October, although traders
said the value was likely closer to dated plus $2.50.
    State-owned Indian refiner Hindustan Petroleum Corp (HPCL)
bought a cargo of Qua Iboe oil for mid-November loading as part
of a buy tender, traders said. The details of the seller and
price were not disclosed.
    One West African oil trader said he expected Nigerian
differentials to slip lower after the remaining Indian buy
tenders are concluded. "Prices are up because of the shorts into
India. Once they are settled they will come down," he said.
    
    NIGERIA
    * Qua Iboe: Traders said at least five of the 12 cargoes due
to load in November have already been sold just a week after the
programme was released. Offers were up about 15 cents from
earlier in the week.
    * Africa's biggest oil producer is to due sell around 2.12
million barrels per day (bpd) of crude oil in November in 72
full or part cargoes, up from 2.05 million bpd scheduled to load
in October and 1.84 million bpd in September.
    * Forcados: assessed at around dated Brent plus $3.20.
    
    ANGOLA
    * Angolan cargoes sold well for November due to strong
demand from Indian and Chinese buyers.
    * Traders estimated that about 30 of a total 52 cargoes due
to load in November have already been sold.
    * Pazflor: a spot cargo was sold on Wednesday although
details were not immediately available.
        
    TENDERS 
    * Taiwan refiner CPC Corp bought nearly 3 million barrels of
Angolan crude for November loading in a tender. The state-owned
company bought 1.9 million barrels of Cabinda and 950,000
barrels of Palanca crude to be delivered in December. Details of
sellers and prices were not immediately available. CPC last
bought 2.85 million barrels of Cabinda for November delivery.
 
    * Mangalore Refinery and Petrochemicals Ltd (MRPL) chose not
to buy West African crude in its latest tender for low sulphur
oil, opting instead to take 600,000 barrels of Libyan Mellitah
condensate from Marubeni via tender, industry sources said on
Monday. The tender closed on Sept. 21. 
    * Petral, the Singapore-based trading arm of Indonesian
state oil company Pertamina, has tendered to buy light, sweet
crude for loading in November, traders said. End-October barrels
could be delivered into the tender, they added.

    DATABASE 
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 (Reporting by Emma Farge; editing by William Hardy)

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