WAfrica Crude-Supported by Asian demand

Mon Aug 22, 2011 3:58pm GMT
 

LONDON, Aug 22 (Reuters) - West African crude oil
differentials were steady on Monday with strong Asian demand and
limited supplies of key grades supporting values.	
    The strong tone continued despite what appeared to a nearing
end to the civil war in Libya, where opposition fighters took
control of most of the capital of Tripoli and oil companies
forecast a return fairly soon of Libyan oil to exports markets,
albeit in very small volumes at first.	
    Several Asian buying tenders were open and likely to absorb
West African barrels, traders said.	
        	
    NIGERIA	
    * Loading schedules for October have come in gradually and
incomplete data suggest that Nigeria is likely to export
slightly less crude oil in October than in September or August,
trade sources say. A total of 54 cargoes are so far reported to
be loading around 1.59 million barrels per day (bpd)in October,
compared with 2.29 million bpd in August and 2.02 million
scheduled for September. Assuming recent averages for the export
streams still without data, Nigerian exports are likely to
average around 1.95 million bpd.	
    * Several key crude oil export streams are still without
loading schedules including EA and Erha. Final details were
expected on Tuesday.	
    * Bonny Light and Qua Iboe: No October cargoes had yet been
offered openly for October, traders said, but the market was
strong with offers expected to come in above dated Brent plus
$3.00 per barrel. Potential bids were assessed close to the last
deals reported for September loading between dated plus
$2.90-$3.00 a barrel.	
       	
    ANGOLA	
    * Almost all Angolan barrels were placed, traders said.	
    * Dalia was reported offered at dated BFOE minus $2.90 a
barrel. Kissanje was assessed at a discount of about $1 a barrel
to dated BFOE.	
	
    ASIAN BUYING TENDERS 	
    * Traders awaited details on Monday of the results of the
latest crude oil buying tender by India's largest oil refiner,
state-run Indian Oil Corp (IOC), which has been seeking more
West African light sweet crude for October. It has already
purchased about 2 million barrels in a previous tender. The
latest tender closed on Thursday and offers were valid until
Friday. In its previous tender, IOC bought Nigerian Yoho and
Congolese Djeno co-loaded in VLCC. 	
    * One trader said that Shell may have been awarded the IOC
tender with a VLCC combination of two of its own equity grades -
EA, Bonny Light, Forcados and Bonga -- but this could not be
confirmed.	
    * Taiwan's CPC Corp has issued two tenders to buy West
African sweet crude for November delivery, documents showed on
Monday. The tender will close on Tuesday with validity open
until Thursday. CPC also tendered to buy condensate. Last month,
CPC bought at least 2 million barrels of West African crude via
a tender. 	
    * India's Mangalore Refinery and Petrochemicals has issued a
tender to buy 600,000 barrels of low sulphur crude for October
loading. The tender closes on Tuesday, with offers to remain
valid until Aug. 25. In the past, MRPL has bought West African
barrels via tender, although last time it bought Yemeni Masila.	
 	
	
 (Reporting by Christopher Johnson; editing by Jason Neely)
 
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