* Nigerian Qua Iboe steady around dated Brent plus $2
* Overhang of light sweet Nigerian crude grades
* Up to a third of October export cargoes unsold
LONDON, Sept 7 (Reuters) - West African crude oil
differentials steadied on Friday with light sweet grades under
significant pressure again from unsold cargoes but heavier
grades gradually moving.
Around 10 of the 55 Angolan cargoes due to load in October
have now been sold to end-users, traders said, but close to 25
of the more than 70 Nigerian cargoes remained with almost all
grades available.
Angolan export programmes for November will be released in
10 days' time and cargoes for loading in early and mid-October
are already being squeezed.
Some lighter grades may be supported by Asian buying tenders
over the next few days with Indian refiner IOC due to announce
an award soon that could absorb up to four light Nigerian
cargoes.
NIGERIA
* Around 25 Nigerian cargoes were still available, including
all the key grades.
* Qua Iboe BFO-QUA: Exxon is reported to have sold its
mid-October Qua Iboe to an undisclosed party. Traders said the
cargo was likely to have moved at around dated Brent plus $2.00.
Some of the remaining October cargoes were being held back for
possible sale into India via tender.
* Bonny Light BFO-BON: Trading at a discount of about 30
cents to Qua Iboe, due to unreliable loading dates and variable
quality.
ANGOLA
* Ten of 55 cargoes for October were still unplaced, traders
said, comprising two Dalia, two Girassol, two Cabinda, plus one
each of Plutonio, Saxi, Palanca and a Kissanje.
* Kuito: Sonangol's sale of its Oct. 27-28 to Unipec was
said to have been done at below dated Brent minus $3.50.
* Dalia: assessed between dated Brent minus 50 and minus
$1.00, traders said, around 10-20 cents lower than last week.
* Pazflor: reported worth close to dated Brent minus $1.00.
OTHER WEST AFRICA
* Equatorial Guinean Zafiro: October barrels now all sold,
traders said, assessed at or below dated Brent.
* Equatorial Guinean Ceiba: assessed between dated Brent
minus 50 cents and minus $1.00, traders said.
* Congolese Djeno: October all sold at or below dated Brent
minus $2.50, traders said.
TENDERS
* State-owned Indian Oil Co Corp (IOC) has issued a tender
to buy light sweet crude for November loading, traders said.
Grade and price offers should be submitted by Wednesday and
Thursday respectively. An award was expected later on Friday.
DATABASE
For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click on:
here
