W. Africa Crude: Nigerian Qua Iboe differentials firm, Angolan trade slows

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LONDON Feb 1 (Reuters) – * Chinese New Year holidays have lightened demand this week, particularly for Angolan grades. A handful of March loading Nemba and Pazflor cargoes were still looking for a home.

* Demand in the United States was also affected by the widening of the WTI-Brent spread that has eroded arbitrage opportunities for west African barrels.

TRADING

* Shell and Lukoil were offering cargoes of March loading Nigerian Erha at around dated Brent plus $1.30 a barrel.

* Trade in March loading Nigerian Qua Iboe was muted owing to fresh loading delays. The uncertainty has recently pushed up offer prices by some 50 cents a barrel to over dated Brent plus $1.00 a barrel.

* ExxonMobil was offering a mid-February cargo of Qua Iboe at around dated Brent plus 80 cents.

* Total offered a cargo of Nigerian Akpo loading March 6-7 and Qua Iboe at dated Brent plus $1.20 for March 19-20.

* Total also offered a cargo of Angolan Pazflor at dated Brent minus 30 cents, loading March 30-31, and a cargo of Gabonese Rabi Light on a delivered basis, loading March 27-28.

TENDERS

* Indonesia’s Pertamina was running a supply tender to buy March-loading crude oil with the results expected to surface on Thursday.

 

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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