Reuters | Mar 13, 2018 23:20
LONDON, March 13 (Reuters) - Nigerian crude looked set for a sizeable overhang on Tuesday with more than half the April programme still available and the May schedules due out within the next week.
* Demand has been weak as refinery maintenance in both Europe and Asia is set to peak in May. April loading Angolan has sold better than Nigerian, with less than 10 cargoes left.
* The differential for Russian Urals has slumped in the last few weeks, prompting European refiners to favour the medium, sour grade instead of expensive west African crude, a trader said.
* Another trader said differentials for Nigerian crude would have to correct sharply down to elicit interest.
* The Urals price in Northwest Europe hit its lowest since September 2016 last week, while the price in the Mediterranean fell to its lowest since 2014.
* Competing light grades in the Mediterranean such as Saharan Blend and CPC Blend have also been under pressure, falling to their lowest levels since October.
* Some 35-40 cargoes were still available from the April programme, with May schedules due out as soon as Friday.
* Shell (LON:RDSa) was showing Bonny Light at dated Brent plus $2.10 a barrel, Bonga at dated Brent plus $2.00 and Forcados at dated Brent plus $2.15.
* Total was offering Amenam at dated Brent plus 90 cents, Ghanian TEN at dated Brent plus 50 cents and Akpo at dated Brent plus 70 cents
* Angola's state oil company Sonangol lowered its offer for its last end-April Dalia cargo by 20 cents to dated Brent minus 90 cents a barrel.
* Angola's May export programme was also due this week.
* Total was offering Girassol at dated Brent plus $1.50 a barrel.
* Other cargoes on offer included CLOV at dated Brent plus 90 cents, Nemba at dated Brent plus 70 cents and Kissanje at dated Brent plus 45 cents a barrel.
* A tender from India's IOC to buy oil for loading May 5-10 closes later this week, with results expected on Thursday.
* The results of a tender from Indonesia's Pertamina were not immediately clear. The company was looking for 600,000-barrel cargoes for May 2-3 and May 15-16 delivery.
* Uruguayan ANCAP's buy tender for end-May arrival crude is set to close on Wednesday.
Written By: Reuters
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