July 16, 2012 / 5:33 PM / 5 years ago

WAfrica Crude-Europe margins help support Nigerian

GENEVA, July 16 (Reuters) - Nigerian differentials were
steady on Monday after falling to near two-year lows last week,
with traders citing better buying interest from European
refiners.
    Several cargoes of Nigerian crude oil have been booked for
export to Northwest Europe and the Mediterranean markets in the
past few sessions.
    Refiners can make a nominal margin of nearly $16 a barrel
from refining crude oil into gasoil, ICE futures showed.
LGO-LCO1=R
    "Premiums are stable for now," said a West African crude oil
trader.
    There was no movement reported on the remaining cargoes for
the Angolan programme just ahead of the September loading
programme.
    
    NIGERIA
    * Bonny Light: Vitol was seen offering a 950,000 barrel
Bonny Light cargo at dated plus $2.50 a barrel cfr Rotterdam for
arrival Aug. 1-5. It was not clear if the cargo was sold.
    * Traders said that additional volumes of the grade had been
added to the July loading programme. It was not initially clear
if a fourth injection cargo had been added or if the cargo size
for one of the other three cargoes had been increased.
    * Qua Iboe: The benchmark grade was assessed unchanged at
between dated plus $1-$1.50 a barrel.
    
    ANGOLA
    * Traders said that around three Angolan cargoes were unsold
from the August programme. These included two Girassol cargoes
and one Cabinda, traders said.
    * Angola is due to release its monthly loading programme
this week.
    
    TENDERS
    * Indian Oil Corp. was heard to have bought up to four
Nigerian tankers in its spot tender for September-loading crude
oil, including two Bonny Light cargoes, an EA cargo and a Qua
Iboe cargo.  
     
    DATABASE 
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click on:
    here

 (Reporting by Emma Farge; Additional reporting by Ikuko
Kurahone in London, editing by Anthony Barker)

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