Spot trading activity was subdued while the market awaited more loading programmes and digested offers from Sonangol’s June export plan.
ANGOLA
* BP purchased a June-loading cargo of Saturno from Sonangol, traders said.
* Sonangol was also offering three Dalia cargoes at dated Brent minus $1.50 per barrel, one cargo of Olombendo at dated Brent plus $1.40, Girassol at Brent plus $1.20 and a cargo each of Hungo and Sangos at 40 cent discounts.
* A handful of May loading Angolan cargoes were also still available.
NIGERIA
* Several more June loading plans surfaced, but key grades Bonny Light and Forcados were still pending.
* The plans included six cargoes of Agbami and Escravos and five cargoes of Brass River, though not all were full sized.
* Little other trading surfaced despite a backlog of roughly 20 cargoes from the May loading plan.
TENDERS
* Trader Vitol had won a tender to supply India’s IOC with two cargoes of crude oil. The tender sought oil loading June 21-30. The grades were not immediately clear.
* India’s HPCL launched a tender to buy oil, which closes next week.
* A global oil glut has been virtually eliminated, according to a joint OPEC and non-OPEC technical panel, two sources familiar with the matter said.
* South Korea’s SK Incheon Petrochem said it would boost purchases of light crudes to replace Iranian condensate, including oil from Nigeria, Russia and Kazakhstan.
