W. Africa Crude-Nigerian crude diffs supported by tenders

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LONDON, Jan 8 – Nigerian crude differentials remained on the high side on Tuesday, some buyers said, but with two tenders coming up this week that will likely absorb West African crude, prices held steady, traders said.

* On the Angolan market, state oil firm Sonangol was offering two cargoes of Dalia.

* Around 10 cargoes of February-loading Angolan crude were still believed to be available for sale.

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* At least 20 Nigerian cargoes were still available but with tenders this week from IOC and Turkey’s Tupras, the market remained reasonably well supported, one trader said.

* IOC has issued a tender to buy crude oil loading March 1-10 that closes on Thursday.

* South Africa’s Sasol awarded a tender to Chevron and took Nigerian Pennington grade.

* Bonny Light and Qua Iboe were heard to be offered at a premium to dated Brent of around $1.80, well above levels indicated two weeks ago, when both grades were closer to $1.60-1.65.

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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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