October 29, 2018 / 4:34 PM / 17 days ago

W. Africa Crude-Nigerian diffs edge higher; Angolan drawn straight to China

LONDON, Oct 29 (Reuters) - Nigerian crude differentials edged higher on Monday, though trade remained hampered by expensive freight, traders said.

* Nigerian December-loading Qua Iboe crude cargoes were last offered between $1.60 and $1.70 above the dated Brent price, up from recent indications closer to $1.35-$1.40, traders said.

* No offers for Forcados were reported, traders said.

* Demand for Angolan cargoes, meanwhile, has been strong this month and state company Sonangol had reportedly sold out of spot cargoes late last week.

* VLCC rates to take West African crude to China have soared this month to their highest in two years, largely driven by Asian refiners’ thirst for oil.

* The daily cost of this route is now $42,000 a day, according to Refinitiv Eikon data, and the voyage typically lasts a month. DRFT-WAF-CN

* Differentials for major Angolan crudes such as Cabinda have rallied sharply in the past few weeks. Cabinda cammands a premium of about 70 cents to dated Brent, somewhat softer than last week, but still close to its strongest in more than four years.

RELATED NEWS

* Italian oil major Eni has struck a deal to team up with French peer Total to look for oil and gas in Algeria and strengthen its position in the north African country, it said on Monday.

* Private equity firm Carlyle Group on Monday said it has signed an exclusive agreement with the Port of Corpus Christi, the top oil export hub in the United States, to develop an offshore crude export terminal to load VLCCs.

* The Abu Dhabi National Oil Company (ADNOC) is expected to fill up storage tanks it has contracted from the Indian government in the first week of November, senior Indian oil officials said on Friday.

* A small group of Libyan tribesmen staged a protest at the southern El Sharara oilfield last week, threatening to close down production unless their living conditions improved, a video tape showed and staff at the field said on Sunday.

TENDERS

* India’s IOC was said to have awarded its tender to buy for Dec. 21-31 loading to Vitol and Shell for grades including Agbami, Akpo and Bonga.

* ANCAP awarded its December arrival tender to Total for a cargo of Angolan Nemba.

* Indian HPCL awarded its three-month term tender for crude delivering between December and March to BP, traders said. (Reporting by Amanda Cooper Editing by David Goodman) ))

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