W. Africa Crude-Angolan offers steady, Nigerian in ample supply

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LONDON, Sept 5 – Angolan crude differentials were steady on Tuesday and Nigerian crude was heard to be in ample supply for October after Tropical Storm Harvey prompted a lull in U.S. demand.

A number of Indian tenders to be awarded this week were in focus.
NIGERIA

* About 30 October-loading cargoes were available for sale, or about half the loading programme. A dip in U.S. demand due to Harvey has weighed on differentials, traders have said.

* One trader said it wasn’t clear how quickly U.S. demand would rebound.

* Offers were steady to slightly higher. ExxonMobil, heard to have sold its Oct. 6-7 cargo of Qua Iboe at the end of last week, was offering a late-month cargo at dated Brent plus $1.75, a trader said – 10 cents higher than an offer heard last week. The grade was pegged lower than that by one potential buyer.
ANGOLA

* About 12 Angolan crude cargoes were still available, traders said.

* Offer levels were steady and buyers were waiting for lower numbers. Chevron was offering Cabinda at dated Brent plus $1.10 a barrel – more than a dollar above its value in early July according to Reuters assessment – and Total was offering Girassol at dated Brent plus $1.40.

* Total was also thought to have a cargo of Nemba on sale; details were not available.
TENDERS

* Indian refiner BPCL issued a buy tender for cargoes loading Oct. 25 to Nov. 5. The tender closes on Wednesday.

* Indian Oil Corp. is running two tenders. The refiner is seeking a wide variety of grades, with West African sought for loading Nov. 1-10, Nov. 5-20 and Nov. 20-30. (Reporting by Alex Lawler; Editing by Susan Fenton)

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