W. Africa Crude-Diffs steady as strong margins counter Harvey’s impact


LONDON, Aug 30  – African differentials held steady, traders said, despite the outage of nearly a quarter of U.S. refining capacity due to Tropical Storm Harvey as strong margins countered its effect.

* Traders said it was too soon to see the full impact of the storm on already loaded tankers or prompt loading ones.

* Meanwhile, gasoline exports to the United States are set to surge to plug the gap.

* Chevron and Total each offered a cargo of Nemba at dated Brent plus 60 cents a barrel, traders said.

* Around one third of the October loading programme is available.

* Total was still offering Dalia at dated Brent plus 25 cents a barrel.

* Several cargoes of Forcados were on offer at high differentials. One was shown at dated Brent plus $2.00 a barrel for October loading. Vitol was offering an end-September cargo at dated Brent plus $1.90 a barrel.

* Qua Iboe was being offered at high premiums as well at around dated Brent plus $1.70-$1.80 a barrel but buyers stayed on the sidelines.

* There were just over 50 cargoes in total available from the September and October programmes, traders said.

* India’s BPCL awarded its October-loading crude tender. Shell was said to be a winner with a 1 million barrel cargo but grade details did not emerge.

* India’s IOC issued a buy tender for Nov. 1-10 loading crude, though end-October barrels may be included, that will close on Thursday.

* Indonesia’s Pertamina issued a buy tender for November delivery cargoes that also closes on Thursday. (Reporting By Julia Payne; editing by David Evans) ))

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