W. Africa Crude-Sellers cut Nigerian diffs, trading slow


LONDON, March 5 (Reuters) – Trading was slow on Monday as sellers of Nigerian crude revised offers lower and several pending tenders hindered deals.

* Sellers revised offers lower for several Nigerian crude oil grades, including Qua Iboe, Forcados and Yoho.

* ExxonMobil had three of its four April Qua Iboe cargoes left to sell and a trader said it cut the offer differential to $2 a barrel above dated Brent, from plus $2.15.

* Forcados offers were also revised slightly lower, from as high as dated Brent plus $2.50 a barrel to just over $2 above.

* Yoho and Erha were offered at $2.10-$2.20 per barrel above dated Brent.

* Angolan crude trading also paused, though only 16-17 of the April-loading cargoes had yet to trade.

* Sonangol was still offering two cargoes, including Dalia at dated Brent minus 70 cents a barrel and a cargo of Saxi at dated Brent plus 75 cents a barrel.

* ExxonMobil had lowered its Angolan Kissanje offers by 10 cents to dated Brent plus 60 cents a barrel and Mondo by 20 cents to dated Brent minus 40 cents.

* Uruguay’s ANCAP issued a new buying tender but sought only a small cargo of 380,000 barrels.

* Tenders are due this week from India’s IOC and Indonesia’s Pertamina, which is looking for crude for April and May delivery. (Reporting By Libby George Editing by David Goodman) ))

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).


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