W. Africa: Nigerian crude overhang gets smaller

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A ship loads crude oil at Bonga off-shore oil field outside Lagos, October 30, 2007. REUTERS/Akintunde Akinleye

LONDON, July 10 – Nigerian crude differentials were steady to slightly higher on Monday, supported by a smaller overhang of cargoes, while sellers of remaining Angolan cargoes targeted higher numbers.

NIGERIA

* Traders had said there was a sizeable overhang of Nigerian crude. Some of this has cleared in part due to Asian buying tenders and at least one company taking cargoes into its own refining system.

* At least 30 cargoes of August-loading crude were thought to be available, traders said, down from Thursday’s estimate closer to around 40.

* Qua Iboe was offered at dated Brent plus 90 cents, a trader said, 5 cents up from an offer reported on Friday. Fair value was pegged at around dated plus 50 cents, a trader said, up from below that level on Friday.

ANGOLA

* August-loading Angolan cargoes were nearly sold out. Cargoes of Mondo, Pazflor, Dalia and Nemba are thought to still be available.

* Dalia was offered at dated Brent plus 50 cents, a trader said, up 10 cents from the last known offer level.

TENDERS

* Indian refiner, HPCL, has re-issued a mini-term tender it was running last week, a trader said, having not bought any cargoes in the original tender.

HPCL was looking to buy as much as 4 million barrels of Nigerian crude every three months through March 2018, Reuters reported on June 30. (Reporting by Alex Lawler, editing by David Evans) ))

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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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