July 29, 2010 4:01 PM EDT
* Qua Iboe reported sold around dated Brent +$1.85/$1.90
* Tighter supplies for September pushing up differentials
* As many as 8 Angolan cargoes for September still on offer
* CPC buys at least 3 Angola cargoes for Sept [ID:LDE66S1W5]
West African crude oil values strenghthened further on Thursday, supported by tighter supplies for September lifting and steady demand from both U.S. and Asian buyers, traders said.
Angolan crude exports in September are expected to average
around 1.52 million barrels per day, a three-and-a-half-year
low, a Reuters survey showed this month and some traders say
volumes could be even tighter at around 1.4 million bpd.
Nigerian crude exports are set to top 2 million bpd for the
third month running in September, although they will be well
below the total of more than 2.2 million bpd loading this month.
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"Angolan exports will be down 11-12 cargoes in September and
some of the Nigerian streams are also smaller, so overall supply
is definitely tighter," said a trader with a European refiner.
NIGERIA
* Qua Iboe: Unipec sold its Sept. 8-9 lifting Qua Iboe cargo
to Glencore at between dated Brent plus $1.85 and plus $1.90,
traders said.
* Erha: Exxon its Sept. 13-14 loading cargo to a North
American company, not Vitol, as previously reported, traders
said, adding the cargo had moved at close to dated Brent plus
$2.00.
* Amenam: Output in August and September is expected to
average around 90,000-95,000 barrels per day (bpd), down from
120,000 bpd originally planned, trade sources have said. Total
said on Wednesday Amenam production had been reduced slightly
due to a technical issue.
ANGOLA
* As many as eight Angolan cargoes were said still to be
available potentially for loading in September, including two
Cabinda, two Dalia, a Kissanje, Kuito, Mondo and a Saxi, mostly
for lifting at the end of the month.
* Exxon was indicating one Dalia and the Kissanje but might
have been keeping both cargoes, traders said.
* Cabinda: Selling indications were said to be around dated
Brent minus 10 cents, potential buyers closer to minus 40 cents
and a doable level near minus 20 or 30 cents.
* Dalia: assessed between dated Brent minus $2.60 and minus
$2.80, traders said.
* Nemba: assessed around dated Brent minus 30 to minus 50
cents for end-September loading.
TENDERS
* Taiwan's CPC Corp bought at least 3 million barrels of
Angolan crude oil for loading in September via tender, trade
sources said. CPC bought one VLCC of Cabinda and Nemba from
Unipec, and another cargo of Cabinda from Sonangol, traders
said. Price details were not reported. Traders said CPC may have
bought an extra cargo to co-load with the second Cabinda cargo
but were unable to give details.
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