Only 10 cargoes of benchmark Qua Iboe crude are due to load in September in Nigeria's total programme of 62 cargoes loading an average of 1.84 million barrels per day (bpd). This compares with 12 cargoes of Qua Iboe in August in a programme of 74 cargoes loading 2.03 million bpd.

Asian demand has steadied over the last few weeks, and purchase tenders by Indian refiners have been steady. Two large tenders for light, sweet crudes were open on Monday and were expected to take up to half a dozen cargoes of Nigerian grades.

"The market is definitely stronger," said a trader with a large oil company that tends to be a net buyer of West African crude cargoes.

NIGERIA

Qua Iboe: stem holders have raised asking levels to around dated Brent plus $1.80 and have been finding buying interest around dated plus $1.50 to plus $1.60, traders said. Mercuria and Vitol were both said to be holding end-September cargoes of Qua Iboe, and up to three Sept. 1-15 cargoes were said to have been set aside for Indian tenders.

Bonny Light: Two Bonny Light stems for September loading were reported to be available, one from Sahara, with values assessed at a little over dated Brent plus $1, possibly as high as dated plus $1.20. This has pushed the differential between Qua Iboe and Bonny Light to around 50-60 cents per barrel, one of the widest ranges seen for years, partly as a result of varying quality with Bonny Light, traders said.

"Bonny loadings are unstable and unreliable and the quality also can't be relied on," said a potential buyer of the grade.

ANGOLA

Almost all of the 49 Angolan crude cargoes scheduled to load in September were reported sold.

Nemba: one cargo reported indicated as low as dated Brent minus $1.50 - a full 50 cents per barrel below previous offer levels. No sign of potential bids even at this lower level.

TENDERS

Indian Oil Corp. has open a tender for light, sweet crude oil grades loading Oct. 1-15, into which late September barrels may also be sold. Grade offers for the tender were submitted by Friday, with price offers due by Aug. 6 and an award should be made on Aug. 7, traders said. The Indian refiner had bought four cargoes of Nigerian crude for loading in September in its tender last week.

Indian state-run refiner Hindustan Petroleum (HPCL) has issued a fresh tender to buy crudes for September lifting, traders said with initial grade offers due to by Aug. 7.