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W. Africa Crude-Nigerian diffs edge higher; Angolan drawn straight to China

Mon, 29th Oct 2018 16:31

LONDON, Oct 29 (Reuters) - Nigerian crude differentialsedged higher on Monday, though trade remained hampered byexpensive freight, traders said.

* Nigerian December-loading Qua Iboe crude cargoes were lastoffered between $1.60 and $1.70 above the dated Brent price, upfrom recent indications closer to $1.35-$1.40, traders said.

* No offers for Forcados were reported, traders said.

* Demand for Angolan cargoes, meanwhile, has been strongthis month and state company Sonangol had reportedly sold out ofspot cargoes late last week.

* VLCC rates to take West African crude to China have soaredthis month to their highest in two years, largely driven byAsian refiners' thirst for oil.

* The daily cost of this route is now $42,000 a day,according to Refinitiv Eikon data, and the voyage typicallylasts a month. <DRFT-WAF-CN>

* Differentials for major Angolan crudes such as Cabindahave rallied sharply in the past few weeks. Cabinda cammands apremium of about 70 cents to dated Brent, somewhat softer thanlast week, but still close to its strongest in more than fouryears.

RELATED NEWS

* Italian oil major Eni has struck a deal to teamup with French peer Total to look for oil and gas inAlgeria and strengthen its position in the north Africancountry, it said on Monday.

* Private equity firm Carlyle Group on Monday saidit has signed an exclusive agreement with the Port of CorpusChristi, the top oil export hub in the United States, to developan offshore crude export terminal to load VLCCs.

* The Abu Dhabi National Oil Company (ADNOC) is expected tofill up storage tanks it has contracted from the Indiangovernment in the first week of November, senior Indian oilofficials said on Friday.

* A small group of Libyan tribesmen staged a protest at thesouthern El Sharara oilfield last week, threatening to closedown production unless their living conditions improved, a videotape showed and staff at the field said on Sunday.

TENDERS

* India's IOC was said to have awarded its tender to buy forDec. 21-31 loading to Vitol and Shell for grades includingAgbami, Akpo and Bonga.

* ANCAP awarded its December arrival tender to Total for acargo of Angolan Nemba.

* Indian HPCL awarded its three-month term tender for crudedelivering between December and March to BP, traders said.(Reporting by Amanda CooperEditing by David Goodman)))

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