W. Africa Crude-Nigerian diffs supported as lower offers bring in buyers


LONDON, Dec 18 (Reuters) – Nigerian crude differentials garnered some support on Tuesday as brisk spot trade mopped up an overhang persisting since late November, while the Angolan market saw a flurry of offers.

* Fewer than 10 cargoes were left from the January Nigerian programmes from more than a dozen the previous day, traders said.

* The market had been weighed down by a surplus of late-December loading cargoes as well as dozens of unsold January barrels.

* February schedules were due to start trickling out as soon as Tuesday following the monthly meeting between Nigeria’s state firm NNPC and producers.

* Lower offers have helped cargoes to find buyers. Qua Iboe was said to be on offer at a discount of $1.50 a barrel to dated Brent, down from closer to $1.70 two weeks ago.


* Exxon was offering Girassol at $1.00 above dated Brent and Mondo at a discount of 30 cents to dated Brent.

* Songangol was said to be offering Dalia at a discount of 20 cents, Saturno at a discount of 60 cents and Olombendo at a premium of 25 cents to dated Brent, traders said.

* Deals were fairly few and far between, given that traders were waiting for Sonangol to allocate term cargoes.

* Thailand’s PTT issued a buy tender for a cargo of 300,000 to 1 million barrels of sweet crude for Feb. 15 to March 15 delivery. The tender remains valid until Dec. 18. (Reporting by Amanda Cooper; Editing by Andrew Cawthorne)

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