Trading was stifled by the pending IOC tender and the May loading programmes, which are expected later this week.
NIGERIA
* Differentials for nearly all of Nigeria’s April-loading cargoes were under downward pressure due to an excess, traders said.
* One company offered Forcados at a $2.15 a barrel premium to dated Brent, compared with the last offer at $2.50 a barrel premiums. Still, sources said it remained too expensive.
* Several Forcados cargoes were left available, traders said, in addition to nearly every other grade.
* Traders said Qua Iboe had traded pretty well, but there were still three to four cargoes left and that prices had dipped to around $1.50 a barrel above Brent.
* Pending tenders from Asia that could absorb April-loading cargoes had mostly been awarded, meaning those remaining would need to find outlets in Europe and the United States.
* Refinery maintenance in both regions, which will peak in Europe in May, had cut into demand. Weak gasoline cracks were also weighing on demand for light sweet crudes.
* The May programme export plan is due this week.
ANGOLA
* Fewer than 10 April-loading cargoes had yet to trade, sources said, as demand for medium, distillate-rich grades was faring better.
* Angola’s state oil company Sonangol was still offering its late-month Dalia at dated Brent minus 70 cents a barrel.
* Angola’s May export programme was also due this week.
TENDERS
* 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. (Reuters
