Nigerian differentials remains under pressure from ample supply

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  • as W. Africa Crude-Sonangol offers several February cargoes
  • Bonga normally produces around 200,000 barrels per day.

NIGERIA
* Nigerian differentials remained under pressure from ample supply. Around 30 January-loading cargoes are still available even as the February programmes have started to emerge as Angolan state oil company Sonangol on Tuesday offered several cargoes for February loading at firm levels, while the full set of Nigerian programmes had yet to emerge.

* The Qua Iboe programme for February has still not been issued, a trader said, although some traders may have been allocated cargoes. * Qua was last on offer at dated Brent plus $1.20, although a trader said the value was below dated plus $1.00 given ample supplies.
* The reason for a drop in Bonga loadings in February appears to be planned maintenance at the oilfields, a trader said.

Naija247news reported that Loading of Nigeria’s Bonga crude are scheduled to average three cargoes in February, less than half the seven cargoes planned in January, according to a copy of the loading plan.

* The Bonga fields are due to shut for a month of maintenace starting in mid-February, a trade source said on Tuesday. Shell , the Bonga operator, could not immediately be reached for comment.

*

ANGOLA
* Sonangol offered the following cargoes, relative to dated Brent, traders said.
Cabinda Feb. 16-17 0.20 cents
Dalia Feb. 28-01 -$1.00
Girassol Feb. 18-19 0.30 cents
Nemba Feb. 17-18 -0.40 cents
Palanca Feb. 7-8 +$1.10
Saxi Feb. 16-17 parity
Saturno Feb. 20-21 -$1.50
* The Cabinda and Girassol offers were higher than the last Reuters price assessments of those grades. It was not clear how the offers compared to asking prices for January cargoes as Sonangol allocated all of its January barrels to term buyers, making price levels were less visible.
* Exxon was offering two February cargoes – Dalia at dated minus $1.20 and Pazflor at dated minus $1.10, a trader said.
* Angola is set to export 46.2 million barrels on 48 cargoes in February, compared to 52 cargoes in January. The barrel-per-day figure is higher due to the shorter month in February.

TENDERS
* Turkey’s Tupras is running a tender to buy West African crude, mostly Nigerian grades. The tender is for cargoes delivered on Feb. 1-10.
* Indian refiner BPCL is running a tender to buy crude loading Jan. 26 to Feb. 5, including Agbami, Akpo, Yoho, Brass River and Qua Iboe. It closes on Dec. 22.

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