January 11, 2018 / 4:16 PM / 6 months ago

W. Africa Crude-IOC books at least 4 mln barrels, spot trade limited

LONDON, Jan 11 (Reuters) - India’s IOC booked at least 4 million barrels of crude oil from West Africa, traders said, but other pending tenders limited spot trading.

ANGOLA

* No new Angolan sales surfaced on Thursday and traders said differentials were under downward pressure in part due to surging crude oil benchmarks.

* State oil company Sonangol was offering two Dalia cargoes at dated minus 45 cents, down from 30 cents, and Saturno at dated minus 55 cents, down from 40 cents.

NIGERIA

* Traders said that refiner Preem had purchased the February Bonga cargo sold by Sahara this week but confirmation was not available.

* Spot trading was extremely limited, due in part to pending tenders, but potential buyers said differentials also needed to soften in order to encourage more deals.

* Bonny Light has been offered as above a $2 per barrel premium to dated Brent and Qua Iboe just below it.

Bonga cargoes had recently been offered at around dated Brent plus $2.00 a barrel.

* Traders said there were ample cargoes available.

TENDERS

* India’s IOC awarded its tender to buy crude loading March 13-23. Glencore won the right to supply one VLCC, traders said, and another unnamed trader will supply another VLCC.

* Statoil had won a tender to buy Perenco’s Djeno cargo, loading Feb. 23-24.

* The grades were not immediately clear but the award would clear at least 4 million barrels from West Africa.

* An award was also due on a tender from India’s BPCL to buy oil but the winner was not immediately clear. The company issued another tender to buy oil, closing Jan 17, but it sought U.S. or Urals rather than West African grades.

* A tender from Uruguay’s Ancap to buy West African crude for March 6-10 delivery closed on Thursday, but results were not expected until later in the evening.

* Results from the latest tender from Indonesian Pertamina’s tender were expected on Friday.

RELATED NEWS

* Oil benchmarks surged to their highest level since 2014 as global oil stocks tightened.

* South Africa will stick with China’s Sinopec Corp as the preferred contender to buy Chevron’s assets in South Africa and Botswana, after it made a fresh commitment to future investments in the country, the Chinese oil major said on Thursday.

* Iraq has cut its official selling prices (OSPs) for Basra crude sales globally in February, amid a drop in refinery profits, declines in the spot market prices and as other Middle East producers reduced their OSPs for competing grades. (Reporting By Libby George; Editing by Elaine Hardcastle) ))

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