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WAfrica Crude-Eases as Angolan programmes emerge
September 17, 2012 / 11:38 AM / 5 years ago

WAfrica Crude-Eases as Angolan programmes emerge

* November Angolan exports to be close to October levels
    * Handful of October Nigerian, Angolan cargoes said unsold

    LONDON, Sept 17 (Reuters) - West African crude oil
differentials eased slightly on Monday as a loading programme
for Angola showed exports in November were likely to be close to
the higher levels expected in October.
    Angola is due to export around 1.67 million barrels per day
(bpd) of crude oil in November, close to the initial loading
schedule for October, the preliminary export programme showed.
    Angolan exports in October are due to be around 100,000 bpd,
above September levels as oilfields return from maintenance.
    A handful of Nigerian and Angolan cargoes were left
available for October lifting, traders said, with Asian demand
building up after several months of lower interest.
    Two Indian refiners are in the market for sweet crudes
loading in November, and both may take West African barrels,
especially if differentials remain as depressed as they have
been with the absence of many U.S. end-consumers.

    * Qua Iboe: BP and Exxon both still reported offering
end-October cargoes around dated Brent plus $2.50, but potential
buyers closer to plus $2.20. "Doable levels" for Qua Iboe were
reported to be closer to dated Brent plus $2.20 or plus $2.30,
traders said, around 10 cents per barrel below levels at the end
of last week.
    * Bonny Light: still talking at a discount of around 30
cents per barrel below Qua Iboe, traders said.
    * Escravos: Another two cargoes may be lifted at the end of
this month, traders said, bringing the number of stems in
September to five. Escravos was said to be worth around dated
Brent plus $2.20.
    * November loading schedules for Nigerian crudes were
expected to be released by Thursday, traders said.
    * Fifty-two cargoes are due to load a total of 49.96 million
barrels from Angolan export terminals in November, the
preliminary export programme showed. Most of the big crude oil
streams will run close to recent levels, with five cargoes of
Girassol, down from seven in October.
    * Kissanje: Exxon offered a cargo at dated Brent plus 30
cents with bids said to be close to below dated Brent.
    * Girassol: reported offered for loading at the end of
October at dated Brent plus 60 cents, but buyers said to be
around 40 cents lower with tradeable levels half-way between
these two indications.
    * Mangalore Refinery and Petrochemicals Ltd (MRPL) has
tendered to buy 600,000 barrels of low sulphur crude oil loading
in November on an fob or delivered basis, tender documents
showed on Thursday. Quality offers must be submitted by Sept. 18
and must remain valid until Sept. 21.
    * India's Bharat Petroleum Corp (BPCL) has tendered to buy
one or more cargoes of light, sweet crude loading in November,
tender documents show. Quality offers to the oil refiner must be
submitted by Sept. 14 and price offers by Sept. 17 and must
remain valid until Sept 19. 
    For a database of oil supply and demand fundamentals
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 (Reporting by Christopher Johnson; Editing by Hugh Lawson)

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