Nigerian crude oil offers for May loading were above the April level despite what traders described as limited demand. Angola cut its offer levels for May-loading oil. China’s Unipec was also still offering cargoes, as sources said eastern demand remained subdued.
* Three million barrels of Nigerian oil were set to sail for India as part of the most recent IOC tender, but an excess of cargoes remained.
* There was a handful of April cargoes yet to trade, as well as the bulk of the May programme, traders said.
* Still, offer levels were above those of the previous month, which sources said was limiting spot trade.
* Gunvor and Chevron were offering Forcados as high as $1.90 per barrel above dated Brent, while BP offered Bonny Light at the same level.
* Shell was offering Agbami at dated Brent plus 60 cents a barrel and Erha at dated Brent plus $1.90.
* Traders said while these levels were too high to enable fresh spot deals, some sellers could be planning to keep the cargoes for their own refining systems.
* Angola’s state oil firm Sonangol lowered its offer levels on all five of its cargoes by 30 cents. It offered three Dalia at dated Brent minus $1.20 a barrel, down from a 90 cent discount, Sangos at minus 70 cents, down from minus 40 cents, and Saturno at dated Brent minus $1.05, down from minus 75 cents.
* China’s Unipec was also offering cargoes of Angolan oil, including cargoes of Plutonio and Saxi at flat to dated Brent. It offered other cargoes on a delivered basis in Asia.
* Due to a public holiday in China on Thursday, buying interest was nonexistent. But traders said it was weak overall due to a backlog of cargoes still waiting to discharge off the coast.
TENDERS
* Shell had placed a cargo of Erha and a cargo of Forcados into a tender from Indian state oil refinery IOC traders said.
* Vitol had also won the right to supply IOC with one cargo, which sources said was likely Akpo or Agbami.
* Indonesia’s Pertamina did not award its tender to buy oil because of a leak on the subsea pipeline feeding the refinery that caused an oil spill and fire.
* Pertamina’s Balikpapan refinery was operating at reduced rates as a result, and getting crude supply from a secondary pipeline and cargo deliveries.
* India’s MRPL also issued a tender to buy 600,000 barrels of oil, for June 1-15 loading, which closes on April 10-12. Grades included Mondo, Pazflor, Ceiba, Cabinda, Plutonio and Dalia. Reuters
