LONDON, Aug 23 – A cargo of Nigerian crude was offered from storage in South Africa, traders said on Wednesday, reflecting the Brent market’s move into a structure where oil for prompt delivery trades at a premium to future supplies.
Elsewhere, Angolan offers were steady and traders said Total won a recent buying tender by Indian refiner BPCL, which has also issued a new tender.
* Total was offering a cargo of Nigerian Escravos from storage in the South African Saldanha Bay site at dated Brent plus $1.50, traders said.
* The offer comes amid a move by the Brent market into backwardation, reducing the profit keeping crude in storage.
* The October loading programmes for most grades point to exports of about 1.72 million barrels per day (bpd), compared with 1.88 million bpd in September.
* Differentials achieved by Angolan crude cargoes for October loading have been strong so far, supported by healthy refining margins.
* State oil company Sonangol continued to offer two October-loading cargoes on Tuesday: a Gimboa at dated Brent plus 30 cents and a cargo of Saturno at dated Brent plus 15 cents.
* Indian refiner BPCL awarded its tender to buy 1 million barrels of Nigerian crude for October loading to Total, a trader said. The grade was thought to be Nigerian Agbami.
BPCL has also issued a new tender for October-loading crude in which offers need to remain valid until Aug. 30, according to a tender document.
* Indian Oil Corp is running a tender to buy West African crude loading in October. The first part closed on Aug. 22 and the second part on Aug. 23 with validity until Aug. 24. (Reporting by Alex Lawler; Editing by Susan Thomas) ))