W. Africa Crude-Diffs steady, India buys 4m barrels of Nigerian at tender

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LONDON, Aug 16 – Nigerian differentials have fallen enough to whittle down an overhang of unsold cargoes and even encouraged some buying of 4 million barrels of from a major Indian refiner, traders said on Thursday.

* One trading source said around 30 cargoes were left from the August and September programmes combined from an originally planned 59 cargoes. This surplus was above 40 last week.

* Nigerian Forcados and Bonny Light were offered at the same levels heard earlier in the week, around $1.30 above dated Brent and $1.10-1.20 a barrel, respectively.

* With October loading schedules due any time, sellers were unwilling to cut prices further.

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* Unipec was still said to be offering a cargo of Angolan Saturno for delivery in Shandong in mid-September at a premium of 75 cents to dated Brent, as well as a cargo of Cabinda for delivery in mid-October at a premium of $2.05 to the dated price, traders said.

* Angola will export slightly less crude oil in October, when cargoes will fall to 45 from 47 in the final September programme, according to a preliminary loading programme seen by trading sources on Thursday.

The final programme is usually updated to include changes in the number of cargoes and can sometimes include additional grades.

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* India’s IOC was thought to have taken as much as 4 million barrels of West African crude at its latest tender for cargoes for delivery in late October, traders said. Trading houses Glencore and Vitol were said to have won the tender.

* Oil pricing agency S&P Global Platts on Thursday said it would publish prices for six small West African crude grades for the first time. Using what it calls a market parity price model, S&P Global Platts said it would publish daily prices for Nigeria’s Amenam, EA Blend, Yoho, Asaramatoru and Abo grades as well as for Ghana’s TEN crude oil stream.

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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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