The market was quiet amid muted demand from Asian and European refineries for new cargoes at current prices.
* The bulk of Nigeria’s June export programme was still available, though sellers were holding off partly because of pending tenders.
* The nation will load close to 1.8 million barrels per day (bpd) in June, as well as 133,000 bpd of Akpo condensate.
* Vitol had booked the Max Jacob to load Nigerian crude on May 11 for Abidjan, while Shell booked the Sabine to load Odudu on May 9 for the U.S. Atlantic Coast.
* Traders said there was some downward pressure on differentials owing to the strength of dated Brent and ample availability of light grades.
* Buyers also said offer levels for Angolan were too high to enable trades. There are roughly 20 June-loading cargoes left to trade.
* May and June refinery maintenance in China was limiting demand, while the wide spread between Brent and Dubai crude also limited arbitrage.
* Some traders said demand would pick up in early May once the backlog of cargoes cleared and as holidays in Asia concluded.
* After cutting two cargoes, Angola’s June exports were set at a near-12-year low of 1.38 million bpd.
* Sonangol removed the sole Palanca cargo, which was with Eni, and the June 22-23 Plutonio cargo that had been with BP.
* Sonangol continued to offer Girassol at $1 a barrel above dated Brent, Olombendo at dated Brent plus $1.20 and Sangos at a 60 cent discount, as well as two Dalia at dated Brent minus $1.50 and Hungo at a 40 cent discount.
* Exxon, Total and others were also offering Angolan cargoes, traders said.
TENDERS
* Indonesias Pertamina had not awarded its quarterly tender for oil but issued another tender to buy several million barrels for July delivery. The tender closes on April 30, with award expected May 2.
* South Africa’s Sasol also had a tender to buy oil, due to be awarded on Monday.
* More details surfaced on the tender from Taiwan’s CPC, won by Chevron. CPC had taken an additional cargo of Nigerian oil, either Qua Iboe or Forcados, in addition to Escravos, traders said.
* Uruguay’s ANCAP had purchased a cargo of North Sea Statfjord from Statoil, rather than a West African grade.
* India’s MRPL also eschewed West African oil in its tender, opting instead for Argentinian Escalante. Reuters
