Mon Mar 29, 2010 6:23pm BST
LONDON, March 29 (Reuters) - West African crude oil
differentials slipped lower on Monday, pressured by ample
supplies of crude in most spot physical markets and news that
Nigeria will boost crude exports sharply in May.
Nigeria is set to export well over 2 million barrels per day
(bpd) of crude oil in May, its highest level since July of last
year, loading schedules and trade sources said on Monday.
[ID:nLDE62S1YS]
At least 70 full or part cargoes of Nigerian crude are due
to load in May, up from 61 cargoes in April. The May total could
be as high as 71 cargoes, giving a daily rate of as much as 2.06
million bpd, some sources said. Other sources estimated exports
at a slightly lower rate, but still well above 2 million bpd.
West African barrels are competing with ample supplies from
North Africa and the Mediterranean, particularly into western
markets such as the U.S. Gulf.
"With so much Saharan Blend (from Algeria) available and it
being so cheap, the benchmark Nigerian grades are being squeezed
lower," said a trader with a large independent oil trading
house.
NIGERIAN
* Benchmark Qua Iboe BFO-QUA was assessed at between dated
BFOE plus $1.20 and plus $1.30 with several cargoes competing
for buyers.
* Bonny Light BFO-BON was again offered by Arcadia for
loading May 3-4 at dated BFOE plus $1.25 per barrel but was
reported only to have found bids around plus $1.00.
* Erha will load six cargoes of 950,000 barrels in May, up
from five cargoes in April, trade sources said.
* Vitol was reported to have sold its Erha loading May 1-2
to BP to cover a short into Indian refiner IOC. The exact price
was unclear but traders estimated the value of early-May Erha
around dated BFOE plus $1.30.
* EA: On Friday, Shell sold a 1 million barrel cargo for
April or May loading at around dated plus $2.35 fob into India's
Bharat Petroleum Corp via the refiner's latest tender.
[ID:nLDE62P1LC]
* Cabinda: Chevron and Sonangol last week both sold Taiwan's
CPC 1 million barrels each at around dated minus 35 cents via
tender for May lifting/June arrival.
ANGOLAN, OTHER AFRICAN
* Nemba: Total was said to be offering its Nemba loading May
18-19 at around dated BFOE minus 15 cents but bids were
considerably lower, below minus 30 cents by some estimates.
* Dalia: Exxon was said to have sold its Dalia lifting May
10-11 as low at dated BFOE minus $3.35, at least $1.50 below
indications last month.
* Palanca: Eni sold CPC Taiwan via tender last week a 1
million barrel cargo at around dated plus 25 cents.
* Congolese Djeno: Mercuria sold CPC Taiwan a 1 million
barrel cargo last week via tender for May loading at dated minus
$3.25, traders said.
ASIAN TENDERS
* State-owned Indian Oil Corp (IOC) has opened a regular
monthly tender for June loading sweet crude oil, a tender
document showed. Grade offers for the tender must be submitted
by March 30 with price offers due the following day. Both offers
will be valid until April 1 when the tender will close.
* Taiwan's CPC Corp has closed a tender to buy sour crude
for May loading, traders said on Monday. Bids will remain valid
until Tuesday.
For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click here
(Reporting by Christopher Johnson; editing by James Jukw
Source:http://uk.reuters.com/article/idUKLDE62S21O20100329
LONDON, March 29 (Reuters) - West African crude oil
differentials slipped lower on Monday, pressured by ample
supplies of crude in most spot physical markets and news that
Nigeria will boost crude exports sharply in May.
Nigeria is set to export well over 2 million barrels per day
(bpd) of crude oil in May, its highest level since July of last
year, loading schedules and trade sources said on Monday.
[ID:nLDE62S1YS]
At least 70 full or part cargoes of Nigerian crude are due
to load in May, up from 61 cargoes in April. The May total could
be as high as 71 cargoes, giving a daily rate of as much as 2.06
million bpd, some sources said. Other sources estimated exports
at a slightly lower rate, but still well above 2 million bpd.
West African barrels are competing with ample supplies from
North Africa and the Mediterranean, particularly into western
markets such as the U.S. Gulf.
"With so much Saharan Blend (from Algeria) available and it
being so cheap, the benchmark Nigerian grades are being squeezed
lower," said a trader with a large independent oil trading
house.
NIGERIAN
* Benchmark Qua Iboe BFO-QUA was assessed at between dated
BFOE plus $1.20 and plus $1.30 with several cargoes competing
for buyers.
* Bonny Light BFO-BON was again offered by Arcadia for
loading May 3-4 at dated BFOE plus $1.25 per barrel but was
reported only to have found bids around plus $1.00.
* Erha will load six cargoes of 950,000 barrels in May, up
from five cargoes in April, trade sources said.
* Vitol was reported to have sold its Erha loading May 1-2
to BP to cover a short into Indian refiner IOC. The exact price
was unclear but traders estimated the value of early-May Erha
around dated BFOE plus $1.30.
* EA: On Friday, Shell sold a 1 million barrel cargo for
April or May loading at around dated plus $2.35 fob into India's
Bharat Petroleum Corp via the refiner's latest tender.
[ID:nLDE62P1LC]
* Cabinda: Chevron and Sonangol last week both sold Taiwan's
CPC 1 million barrels each at around dated minus 35 cents via
tender for May lifting/June arrival.
ANGOLAN, OTHER AFRICAN
* Nemba: Total was said to be offering its Nemba loading May
18-19 at around dated BFOE minus 15 cents but bids were
considerably lower, below minus 30 cents by some estimates.
* Dalia: Exxon was said to have sold its Dalia lifting May
10-11 as low at dated BFOE minus $3.35, at least $1.50 below
indications last month.
* Palanca: Eni sold CPC Taiwan via tender last week a 1
million barrel cargo at around dated plus 25 cents.
* Congolese Djeno: Mercuria sold CPC Taiwan a 1 million
barrel cargo last week via tender for May loading at dated minus
$3.25, traders said.
ASIAN TENDERS
* State-owned Indian Oil Corp (IOC) has opened a regular
monthly tender for June loading sweet crude oil, a tender
document showed. Grade offers for the tender must be submitted
by March 30 with price offers due the following day. Both offers
will be valid until April 1 when the tender will close.
* Taiwan's CPC Corp has closed a tender to buy sour crude
for May loading, traders said on Monday. Bids will remain valid
until Tuesday.
For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click here
(Reporting by Christopher Johnson; editing by James Jukw
Source:http://uk.reuters.com/article/idUKLDE62S21O20100329
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