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WAfrica Crude-Nigerian weakens, Angolan Kissanje trades

Fri Jun 19, 2009 10:36pm IST
 
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 * Qua Iboe to export 11 cargoes in August, steady from July
 * Freight rates, oversupply pressures Nigerian differentials
 * Militant attacks shut in more Nigerian crude production
 * Angolan Kissanje trades at firmer levels to last month
 
 LONDON, June 19 (Reuters) - Nigerian crude oil differentials
were under pressure from higher freight rates and an overhang of
supply on Friday, while spot trading started on Angolan August
cargoes.
 Militant attacks in Nigeria on Friday shut in more oil
production on Friday, which could support differentials. 
 "If there is a lot (of crude) shut in then it will likely be
supportive but the unpredictability of Nigerian crude could put
off buyers. There are a lot of alternatives available and a lot
of competition," one physical West African oil trader said.
 
 ANGOLAN GRADES
 * A cargo of Kissanje for August 1/2 delivery was sold on
Friday, traders said. It had been offered at dated plus 15
cents, firmer than deals done at below dated flat last month.
 * An early-August Hungo cargo was offered at dated minus 70
cents on Friday, firmer than offers for July cargoes last month.
 
 NIGERIAN GRADES
 * Benchmark Qua Iboe BFO-QUA was assessed around dated
plus $1.50. Bonny Light BFO-BON was seen about 10 cents below
Qua Iboe, thanks to a risk premium from possible force majeure
declarations.
 * Nigeria is expected to export 11 cargoes, or around
348,000 barrels per day (bpd) of its benchmark Qua Iboe crude
oil in August, steady from July levels, trade sources said on
Friday. [ID:nLJ149589] 
 * Nigeria's Amenam grade is expected to load four cargoes in
August, or around 130,000 bpd, one less than in July.
 * Escravos crude was set to load five cargoes, or 158,000
bpd, down from six cargoes in July.
 
 NIGER DELTA ATTACKS
 * Italian oil company Eni said in a statement on Friday that
its Nigerian pipeline suffered sabotage in Bayelsa state in the
Niger Delta, causing a loss of production of 33,000 barrels of
crude oil a day, of which Eni's shares is 6,000 barrels.
 * Shell said on Thursday some oil production had been halted
following an attack on one of its pipelines on Wednesday in
Bayelsa state in Nigeria's Niger Delta. [nLI310768]
[ID:nLH505597] 
 
 ASIAN BUYING TENDERS
 * Indian state-run refiner Bharat Petroleum Corp (BPCL)
chose not to take West African sweet crude in its tender for
August loading, instead buying 1 million barrels of Azeri Light
from BP, a trade source said. [ID:nDEL250284] 
 (Reporting by Joe Brock; editing by William Hardy)























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