Angolan June Crude Cargo Trade Steady to Higher
Angolan crude cargos for June loading have been finding buyers at steady to higher levels, traders said on Tuesday, while attention in the Nigerian market was focused on the June loading program.
At least 15 of Angola's 52 cargos have been sold since last week, mostly through term deals as only a small number of spot trades have been made so far, traders said.
Traders expected Nigerian cargoes to be offered at higher, levels for June after differentials perked up for the last few May-loading cargoes before Easter.
Nigeria
- Qua Iboe: 12 cargos will load in June, according to the loading schedule seen on Tuesday. A trader valued the grade at dated Brent plus $2.50, higher than last week. June cargoes were expected to be offered at dated plus $3.00 or more.
- Exports of Forcados, one of Nigeria's larger crude oil grades and operated by Shell, have been under force majeure since late March due to a pipeline leak caused by oil theft. The force majeure is still in place, Shell said on Tueday.
Angola
- There are 52 cargos of Angolan crude loading in June, according to a provisional loading schedule issued last week.
- State oil firm Songanol has shifted about 13 cargos in term deals. Spot offers included:
- Girassol: Offered at dated plus $1.90, up from the last known traded value of dated plus $1.85.
- Cabinda: offered at dated plus $1.00, roughly in line with the last known deal.
- Two cargos of Pazflor have been sold on a spot basis, by Exxon and Statoil (STO), a trader said. The cargoes were offered at dated minus $1.00, thought to be higher than the last trades.
Asian Tenders
- Indian refiner BPCL is running a tender this week for June-loading sweet crude, and the result is expected later on Tuesday or on Wednesday.
- A Pertamina buying tender is also pending this week.
(Reporting by Alex Lawler; editing by Jane Baird)
