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WAfrica Crude-Indian buying supports Angolan differentials
GENEVA, Aug 20 (Reuters) - Angolan differentials rose
slightly on Monday after sellers released higher offers for
cargoes loading in October and Indian buyers expressed interest
in West African grades.
Offers for key grades like Girassol and Cabinda were seen
around 20-40 cents higher than the last trade in September
despite an increase in supplies for October.
MRPL bought two cargoes of Gabon's Rabi Blend crude via
tender and issued another buy tender for low-sulphur
grades.
"I think they just had a period of destocking and
turnarounds and now will be buying a bit more," said a West
African oil trader.
ANGOLA
* Angolan offers were as follows against dated Brent:
Cabinda +95, Nemba -60, Hungo -140, Kuito -250, Girassol +100,
Dalia/pazflor/ flat, Saxi +30, Palanca +190, Gimboa +20.
NIGERIA
* Spot trade was quiet with only a handful of grades left
for September. Nigerian loading programmes for October have not
yet been released.
TENDERS
* MRPL bought two 600,000-650,000 barrel cargoes of Gabon's
Rabi Blend crude from Shell for lifting in September and
October.
* The oil major sold the September cargo at a discount of
about $1.60 a barrel to dated Brent while an October cargo was
sold at a discount of 60-80 cents a barrel, trade sources said.
Both cargoes are sold on Free on Board basis.
* MRPL also issued another tender for a 600,000 barrels size
cargo for loading during October 1-15, a document showed. It
will close on August 23, with offers valid until August 27.
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 Jason Neely)
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