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WAfrica Crude-Nigerian Qua stalls after buying spree

Monday, 1 Oct 2012 | 12:37 AM ET

* Qua Iboe valued at dated plus $2.30-$2.60

* Ten cargoes seen remaining for Angola

GENEVA, Oct 1 (Reuters) - Nigeria's largest crude stream, Qua Iboe, showed signs of stalling on Monday after a flurry of deals last week that boosted differentials to six-month highs.

Traders said that most of the Indian demand for cargoes loading in November has already been covered, suggesting that differentials may have already peaked.

"Indications haven't dropped yet, but I reckon it will trade around $2.30. Now that the Indian tenders are covered, reality kicks in and the level has gone too high for buyers," said a West African crude oil trader.

Petral, the Singapore-based trading arm of Indonesian state oil company Pertamina, was heard not to have awarded its latest tender to buy light, sweet crude for loading in November.

NIGERIA

* Qua Iboe: This grade reached the highest level since March late last week (dated plus $2.60-$2.70) but traders said it has not traded since Thursday in what could be an indication of slower demand. One trader estimated it was now around 20-30 cents lower.

* Between 4-6 Qua Iboe cargoes from the original November loading programme remained, traders said.

ANGOLA

* There are around 10 of 52 Angolan cargoes still unsold for November, traders said.

* Cargoes remaining include Pazflor and Girassol. There were no fresh offers for these grades on Monday. Pazflor was last heard offered at dated minus 70 cents and Girassol at dated plus 20-30 cents.

TENDERS

* Petral, the Singapore-based trading arm of Indonesian state oil company Pertamina, has tendered to buy light, sweet crude for loading in November, traders said. End-October barrels could be delivered into the tender, they added.

* India's BPCL also has a tender running that closes soon, traders said.

DATABASE

For a database of oil supply and demand fundamentals upstream and downstream, Reuters subscribers can click on:

(Reporting by Emma Farge; Editing by Anthony Barker)

((emma.farge@thomsonreuters.com)(+41 22 733 38 31, +41 79 89 04 731)(Reuters Messaging: emma.farge.thomsonreuters.com@reuters.net))

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Keywords: MARKETS OIL WESTAFRICA