WAfrica Crude-Nigeria overhang offsets pipeline attack
GENEVA, April 13 (Reuters) - West African crude differentials remained weak on Friday as many Nigerian cargoes were still unsold for May, leaving a large overhang ahead of fresh programmes due to emerge next week and offsetting news of a pipeline explosion. A militant group in Nigeria claimed responsibility for an attack on a crude oil pipeline owned by Italian oil and gas group Eni, although there was no immediate price response. Traders estimated that around 15 cargoes were still unsold for May including the Amenam, Agbami and Bonga grades. Earlier reports were confirmed that BP had sold a cargo of Qua Iboe grade crude oil and that Trafigura had sold a cargo each of Bonga and Forcados to the Indian Oil Corporation via tender. NIGERIA * Qua Iboe: The exact value of the last Qua Iboe deal was unknown. Traders continued to assess the benchmark grade at between dated plus $2.30-$2.50 a barrel. * Bonny: Traders said they expected the attack on the Tebidaba-Brass pipeline to have a limited impact on differentials for the grade. A trader familiar with the loading schedule for the grade said that the loading dates for May were so far unchanged. * This grade was last assessed on par with Qua Iboe at around dated plus $2.30 a barrel. ANGOLA * Loading programmes for June are expected to be available next week. * Girassol: Traders said this grade was sold out for May. It was last valued at around dated plus $1.40 a barrel. TENDERS * India's state-run Bharat Petroleum Corp issued a tender to buy sweet crude for lifting in the first half of June, a tender document showed on Tuesday. Part I of the tender closes on Friday and part II on Monday. It will be awarded on April 17. In a previous tender for May, BPCL bought Akpo from Glencore. DATABASE For a database of oil supply and demand fundamentals upstream and downstream, Reuters subscribers can click on: here (Reporting by Emma Farge, editing by Jane Baird)
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