Crude-Demand flourishes for Nigerian Qua; IOC seeks October crude


LONDON, Aug 29 – Nigerian diffs remained firm on Wednesday, thanks to demand for October-loading cargoes of Qua Iboe, while the initial flurry to buy Angolan grades subsided somewhat, traders said.

* Qua Iboe was heard to be changing hands between $1.30 and $1.50 above dated Brent for September loading and although offers were heard as high as $1.70-1.90, traders said any sellers would be unlikely to achieve prices at these levels.

* Bonny Light was said to be unchanged around $1.30 above dated Brent.

* A handful of cargoes were said to be unsold from the August and September programmes, down from closer to 30 last week.


* Between 15 and 20 cargoes were believed to be left from Angola’s 49-strong October loading programme, although two traders said the pace had slackened off somewhat in the last few days.

* Offers for Dalia held steady at a discount of 60 cents to dated Brent, while October-loading Nemba was offered at a premium of 40 cents and Cabinda was indicated at close to 50 cents above dated Brent.

* India’s IOC is seeking light, sweet crude for delivery in late October via tender. The results were due Thursday or Friday, traders said.

* BP won a tender to supply Uruguay’s state-run ANCAP with 1 million barrels of Qua Iboe for delivery in the last week of October, traders said.

* Total won Indian refiner HPCL’s tender last week and will supply a VLCC of Bonny Light and Qua Iboe crude for delivery in the first half of October, two traders said.

Reporting by Amanda Cooper; Editing by Kirsten Donovan

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