West Africa Crude-Under pressure, despite Nigerian outages

West African crude differentials were under pressure on Friday, traders said, despite a new round of disruption to Nigerian crude exports this week.


* Around six of the 43 cargoes in the Angolan June programme were still available. * State oil company Sonangol has sold its June cargoes. The company sold a Girassol cargo to P66 this week, a trader said, at a differential thought to be a discount to dated Brent, relatively weak for the grade.

* The July loading programme includes at least 48 cargoes, a schedule issued this week showed.


* July loading programmes started to appear this week. Nigeria’s largest stream, Qua Iboe, is exporting nine cargoes, two more than in June. * About 20-25 cargoes of June-loading Nigerian crude were still available, although traders said some would find their way into major oil companies’ refining systems and others might be deferred. * Supply of two major Nigerian streams has been disrupted this week. Bonny Light is under force majeure and a pipeline which exports Forcados was shut down.

* Nonetheless, competition from other grades is keeping a lid on differentials, traders said.


* Indonesia’s Pertamina is running a tender to buy crude for Aug. 1-10 or 16-20 or early September delivery. The tender closes on Monday.

* India’s HPCL is running a tender to buy 6 million barrels of crude for delivery on July 1-15 or Aug. 1-10. The tender closes on May 23.  Reuters