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WAfrica Crude-Nov overhang weighs on Nigerian cargoes

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Mon Oct 15, 2012 1:29pm EDT

GENEVA, Oct 15 (Reuters) - Nigerian differentials dipped
again on Monday on the back of ample supplies, bringing total
losses since the start of October to more than 50 cents. 
    Traders estimated that around 10-15 cargoes of Nigerian
crude oil remained for November just days ahead of the release
of the December loading programmes.
    Offers for the remaining grades were largely unchanged on
Monday, although one trader deemed these levels to be
"optimistic."
    Demand has slowed in recent weeks due to unexpected
shutdowns at Chinese refineries and widespread seasonal
maintenance at European refineries.
   
    NIGERIA
    * Qua Iboe: Heard offered at dated plus $2.60 a barrel on
Monday. At least two cargoes are still available for November,
including a cargo for loading 13-14 November.
    * Brass River: Offered at dated plus $2 a barrel on Monday,
although traders said it was likely to trade at least 20 cents
below that level.

    ANGOLA, OTHER GRADES
    * Programmes for December have not yet been released.
    * Girassol: Last heard offered at dated plus 50 cents a
barrel.
    * Zafiro (Equatorial Guineau): Trafigura sold a cargo for
December loading to India's Mangalore Refinery and Petrochemical
Ltd via a buy tender on Friday.
    
    TENDERS 
    * Indonesia's Petral, the marketing arm of state oil company
Pertamina, has issued a tender for the third time seeking sweet
crude for December delivery. The tender closed on Wednesday with
offers valid until a day later. 
    
    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 James Jukwey)
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