April 13, 2012 / 5:13 PM / in 6 years

WAfrica Crude-Nigeria overhang offsets pipeline attack

GENEVA, April 13 (Reuters) - West African crude
differentials remained weak on Friday as many Nigerian cargoes
were still unsold for May, leaving a large overhang ahead of
fresh programmes due to emerge next week and offsetting news of
a pipeline explosion.	
    A militant group in Nigeria claimed responsibility for an
attack on a crude oil pipeline owned by Italian oil and gas
group Eni, although there was no immediate price
    Traders estimated that around 15 cargoes were still unsold
for May including the Amenam, Agbami and Bonga grades.	
    Earlier reports were confirmed that BP had sold a cargo of
Qua Iboe grade crude oil and that Trafigura had sold a cargo
each of Bonga and Forcados to the Indian Oil Corporation via
    * Qua Iboe: The exact value of the last Qua Iboe deal was
unknown. Traders continued to assess the benchmark grade at
between dated plus $2.30-$2.50 a barrel.	
    * Bonny: Traders said they expected the attack on the
Tebidaba-Brass pipeline to have a limited impact on
differentials for the grade. A trader familiar with the loading
schedule for the grade said that the loading dates for May were
so far unchanged.	
    * This grade was last assessed on par with Qua Iboe at
around dated plus $2.30 a barrel.	
    * Loading programmes for June are expected to be available
next week. 	
    * Girassol: Traders said this grade was sold out for May. It
was last valued at around dated plus $1.40 a barrel.	
    * India's state-run Bharat Petroleum Corp issued a tender to
buy sweet crude for lifting in the first half of June, a tender
document showed on Tuesday. Part I of the tender closes on
Friday and part II on Monday. It will be awarded on April 17. In
a previous tender for May, BPCL bought Akpo from Glencore.
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click on:	
 (Reporting by Emma Farge, editing by Jane Baird)

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