Nigerian Qua valued at lowest since Oct 2010

Nigerian crude differentials remained under pressure from ample supply of light, sweet crude and unexceptional levels of demand, traders said on Tuesday. “There’s just less demand for oil around,” said a trader of West African crude. Angolan cargoes for August are also finding homes slowly and at weaker levels due to a lull in Chinese buying interest. There are still several unsold cargoes of Nigerian crude for July loading – 10 or more in one trader’s estimate – as the focus shifts towards August. Most of the August loading programmes have emerged, although Brass River and Erha schedules had yet to do so. Qua Iboe was valued at dated plus $1.40-$1.60, steady from Monday and the lowest since October 2010. In one of the few August trades known to have taken place, Statoil was heard to have moved its August 12-13 Agbami at a discount of more than $1 to dated Brent, not a premium as reported on Monday.
Indian refiner HPCL has issued a tender to buy August loading of light sweet crude. The tender closed on Monday and the result was slow to emerge on Tuesday. Indonesia’s Petral is seeking low-sulphur crude for delivery in August and September, according to a copy of the tender notice. It specified a range of crudes including West African, Asian and Russian grades. The tender closes on Tuesday and offers are valid until Wednesday. Indian oil refiner India’s Bharat Petroleum Corp Ltd also issued a tender to buy light crude, loading in August, a trader said. Price offers are due by July 3.