W. Africa Crude-Diffs underpinned, traders wait on large tenders

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FILE - In this Monday, Dec. 26, 2011 file photo, Shell Bonga offshore oil Floating Production Storage and Offloading vessel off the coast of the Niger Delta in Nigeria. Shell closed the terminal exporting Nigeria's benchmark Bonny Light crude oil on Wednesday May 11, 2016 and was evacuating workers from a threatened oil field as renewed militant attacks cut production in Africa's biggest petroleum producer, the company and a union leader said. (AP Photo/Sunday Alamba, file)

LONDON, Aug 29  – Differentials for Angolan and Nigerian grades remained underpinned due to strong margins that are set to continue due to Tropical Storm Harvey that is hitting the U.S. Gulf Coast.

* Harvey has forced over 3 million barrels per day, or 16 percent, of U.S. refining capacity to close down in the region sending U.S. gasoline futures skyrocketing.

* Industry sources said it was too early to tell how crude deliveries would be affected.

* Traders said deals were limited as a number of large Asian tenders are due to close this week.

ANGOLA

* Around a third of the October loading programme is available.

* ExxonMobil sold a cargo of Hungo to Phillips 66, traders said. Exxon was offering the cargo at dated Brent plus 40 cents a barrel but the final deal level did not emerge.

* Total was still said to be offering Dalia at dated Brent plus 25 cents a barrel.

* Angola’s state-run oil company Sonangol added a cargo of Palanca loading on Oct. 17-18 to its October export programme, which already stood at a 13-month high.

NIGERIA

* There were just over 50 cargoes in total available from the September and October programmes, traders said.

* Litasco has three cargoes of Qua Iboe available in October, but was only showing one for now, traders said. Offer levels for the grade were recently heard as high as dated Brent plus $1.70-$1.80 a barrel.

* Vitol was offering a cargo of end-September Forcados, traders said.

TENDERS

* A tender from India’s BPCL for October-loading crude is expected to be awarded on Wednesday.

* India’s IOC issued a buy tender for Nov. 1-10 loading crude, though end-October barrels may be included, that will close on Thursday.

* Indonesia’s Pertamina issued a buy tender for November delivery cargoes that also closes on Thursday. (Reporting By Julia Payne; editing by Susan Thomas)

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