GENEVA, Feb 11 (Reuters) - Nigerian differentials drew
support from a force majeure by Exxon and from strong Asian
demand as Indian Oil Corp (IOC) issued a second tender to buy
light, sweet oil for April.
Traders repeated on Monday that delays were expected to be a
minimum of four to five days for the benchmark Qua Iboe grade
due to pipeline repair work.
The latest force majeure follows a raft of problems at the
end of last year when four oil majors - Shell, Exxon, Total and
Eni - announced outages due to rampant oil theft and floods.
Traders said the delays could support demand for other
Nigerian grades as buyers steer away from the benchmark.
'There is uncertainty over loading dates, and it could
support levels for other grades. Once new dates have been
issued, I would expect Qua to be reasonably well supported too,'
a West African trader said.
Around nine to 10 Nigerian cargoes for March are still
thought to be available, including several Brass River and
Angolan cargoes are virtually sold out for March.
* Qua Iboe: All cargoes sold for March. The grade was
assessed at around dated plus $2.50 a barrel.
* Other grades available included Brass River and Forcados,
according to traders.
* Four Nigerian cargoes were sold into an IOC tender for
April loading. They were: two Bonny Light, 1 Qua Iboe and 1
* Three cargoes are thought to remain for March loading
including at least one Nemba cargo.
* Nemba last seen around dated Brent plus 40-50 cents.
* IOC bought 4 million barrels of Nigerian crude oil via a
tender for April from Shell, traders said. The refiner also
issued a new tender for loading in early April. The two parts of
the tender will close on Wednesday and Thursday, and results are
expected by Friday.
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(Reporting by Emma Farge; editing by Jane Baird)
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Keywords: MARKETS OIL/WESTAFRICA
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