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WAfrica Crude-Nigeria loading emerges, Angola offered up
March 20, 2012 / 7:22 PM / 6 years ago

WAfrica Crude-Nigeria loading emerges, Angola offered up

LONDON, March 20 (Reuters) - The May loading schedule for Nigerian crude was released on Tuesday while Angolan oil has started trading actively ahead, with some cargoes offered at strong differentials, traders said.

Several import tenders from Asia are likely to support differentials for May-loading cargoes. Any rise in Nigerian crude differentials, however, may be limited by an overhang of April barrels.

The May loading programmes for most Nigerian crude streams were released earlier on Tuesday. The preliminary schedule showed Qua Iboe and Bonny Light would fall slightly from April to 368,000 barrels per day (bpd) and 155,000 bpd, respectively.

But the May schedule showed four cargoes of Usan and one cargo delayed from the previous month.

This is an increase from three cargoes in April, when Usan started trading.


* Spot dealing of May-loading cargoes, except for tenders, has not yet kicked off. Qua Iboe was assessed around Dated Brent plus $2.50/$2.60 a barrel, slightly higher than late last week. Bonny Light was assessed around 5/10 cents below Qua Iboe.

* The April official selling price (OSP) of Bonny Light and Qua Iboe has been set at Dated Brent plus $2.65 a barrel.


* Unipec, the largest corporate buyer of Angolan crude, has purchased some May-loading cargoes of Angolan crude. Details were yet to emerge.

* Some traders said Cabinda, Dalia, Hungo, Kissanje and Saxi Blend have traded.

* Angolan state-run oil firm Sonagol kept its offer levels from Monday, traders said. Offers included Dalia at Dated plus 60 cents a barrel, and Nemba at the benchmark plus $1.30 a barrel.


* India’s Bharat Petroleum Corp Ltd (BPCL) and Taiwan’s CPC closed their tenders to buy light sweet crude. BPCL was seeking crude oil for loading in the first half of May.

* CPC was looking for any loading dates in May. The results of these tenders would be released as early as Wednesday.

* Indian Oil Corp’s (IOC) tender to buy West African light sweet crude for May loading will close later this week.


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here (Reporting by Ikuko Kurahone; Editing by Dale Hudson)

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