W. Africa Crude-Spot trading limited by slew of tenders


LONDON, Jan 9 (Reuters) – Spot dealing was limited by pending tenders, though one European refinery purchased a cargo of Nigerian oil.

* State oil company Sonangol continued to offer two Dalia cargoes at dated minus 45 cents, down from 30 cents, and a Saturno at dated minus 55 cents, down from 40 cents.

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* While the company had already lowered its offers, some traders said differentials would need to fall further due to the strong dated Brent price.

* Brent was trading at its highest since May 2015 due to OPEC-led supply cuts and falling stocks worldwide.

* Around 12-13 February-loading cargoes were still available for sale, as well as some January-loading cargoes.

* Swedish refiner Preem purchased a cargo of February-loading Nigerian Escravos from Mercuria, traders said.

* The price was not immediately clear.

* Other spot trading was quiet due to pending tenders, but traders also said demand had slowed due to the high flat price.

* As a result, traders said differentials would need to fall in order to spur spot trading.

* Bonga has been offered recently at roughly $2 per barrel above dated Brent, and Qua Iboe at around dated plus $1.90.

* Indonesia’s Pertamina had issued a new tender to buy oil with bids due on January 10 and an award expected on January 12.

* Uruguay’s Ancap issued a tender to buy West African crude for March 6-10 delivery, closing on Jan. 11.

* Awards for a tender from India’s IOC to buy crude loading March 13-23 were expected on January 11.

* Fellow Indian refiner BPCL was tendering to buy West African or Asian crude loading Feb. 6-15 and 16-25. The first part closes on Jan. 9 and the second part on Jan. 11


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