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WAfrica Crude-Attacks disrupt Nigerian market

Thu Jul 9, 2009 12:50pm EDT

Stocks

   
 * Qua Iboe assessed slightly higher on tighter supplies
 * Eni declares force majeure on Brass River exports
 * Eni says 24,000 bpd of Brass River shut in
 * Three Indian buying tenders eyed
 
 LONDON, July 9 (Reuters) - Militant attacks on oil
facilities continued to disrupt the market for many Nigerian
crude oil grades on Thursday, traders said.
 Nigeria's benchmark Qua Iboe grade was assessed slightly
higher due to a tightening in supply of alternative grades in
the wake of sustained militant attacks to oil pipelines.
 
 NIGERIA
 * Sahara's Aug. 13-14 Qua Iboe BFO-QUA was traded to BP.
Traders said it was sold around dated BFOE plus $1.00, around 20
cents firmer than the grade was assessed on Wednesday.
 * Exxon sold its Aug. 30-31 Erha cargo to BP but no price
details were available.
 * Forcados cargoes set to load in July are now expected to
be delayed in to August and September. The grade is currently
under force majeure.
 * Brass River was assessed at around a 30 cent discount to
Qua Iboe and was out of favour with traders due to its
unreliability with Amenam seen as a good alternative.
 
 MILITANT ATTACKS
 * Italian oil company Eni declared force majeure on its
Brass River exports on Thursday after rebels sabotaged oil
pipelines in Nigeria. Agip's parent firm Eni (ENI.MI) said the
attack caused a production loss of about 24,000 barrels per day.
 * Shell said on Thursday there were no injuries or impact on
its crude oil production from attacks on an oil pipeline in
Nembe Creek in Bayelsa state.
 * Nigerian militant leader Henry Okah, who is on trial for
gun-running and treason, has accepted a government offer for
"unconditional" amnesty, his lawyer told Reuters on Thursday.
[ID:nL9680295] 
 
 INDIAN TENDERS
 * Bharat Petroleum Corp is seeking up to 2 million barrels
of sweet crude for August-September deliveries and 1 million
barrels of sour grade for September loading. Grade offers were
due on Wednesday with price offers due on Thursday, and they
remain valid until Friday. [ID:nDEL492662]
 * India's state-run Hindustan Petroleum Corp has issued a
regular monthly tender seeking sweet crude oil for September
loading, traders said on Thursday.
 The tender closes on July 13, with bids to remain valid
until July 15, they said.
 * Mangalore Refinery and Petrochemicals Ltd. has issued a
tender to buy 650,000 barrels of crude oil for Sept. 1-15
loading, according to tender documents seen on Thursday.
 The tender will close on Friday with offers to remain valid
until Tuesday.
 (Reporting by Joe Brock; editing by James Jukwey)
























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