LONDON: Angolan crude oil differentials were expected to be firm after a partial loading programme on Tuesday indicated that January volumes could be the lowest in nearly two and a half years, traders said.
The partial cargo list indicated exports of around 1.55 million barrels per day (bpd) of crude oil in January, down from 1.70 million bpd planned for December.
This would be the lowest export level since June 2011, according to Reuters data. The figure could be revised higher, however, as traders said more cargoes might be added.
A trader said that Sonangol, the state oil exporter, had put out initial indications for differentials to dated Brent at around 50 cents higher than where it sold December cargoes.
"Looks a bit adventurous, but limited availability may allow them to achieve better numbers," a trader said.
Nigerian differentials were under pressure, with around four cargoes of the benchmark Qua Iboe grade still available for December two to three days before the January programme becomes available.
Its premium to Brent crude was at around its lowest since November 2012, according to traders.
ANGOLA:
Dalia was indicated by Sonangol at dated Brent minus $1.20, a trader said, slightly above traders' assessments of minus $1.50 a barrel for December cargoes.
Girassol was pegged at $1.60 over dated Brent, Hungo at $1.10 below dated Brent, Mondo at 90 cents below dated Brent and Nemba at 10 cents above dated Brent.
Most cargoes for December loading have been sold, although two Dalia and a Plutonio remained available.
Dalia was assessed at around dated Brent minus $1.50 a barrel.
NIGERIA:
Around eight to 10 cargoes for December remained unsold including Bonny Light, Forcados and Qua Iboe.
Qua Iboe was pegged around dated Brent plus $2 a barrel, its lowest since November 2012. Around four December cargoes were thought still to be left.
Bonny was seen at around $1.80 over dated Brent and Forcados at around $3-$3.50.
ASIAN TENDERS:
Part one of an IOC tender for January cargoes was due on Monday and part two on Tuesday, with the result on Wednesday, a trader said.
BPCL is issuing a tender, with part one on Friday, part two next Monday, and the results next Tuesday, a trader said.
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