Business

West Africa Crude-Traders await June allocations

Isaac UmunnaComment(0)

Spot traded was muted on Tuesday as traders awaited June Nigerian programmes and the possibility of the 2018 crude contracts being issued.

ANGOLA

* About six cargoes of May loading Angolan crude were still available.

* State firm Sonangol has not yet issued its term allocations for June after the programme was issued on Monday.

NIGERIA

* About 25 May-loading cargoes had yet to trade, with majors Total, Shell and BP all offering.

* Curtailment meetings with Nigeria’s NNPC over the June export plans were expected on Wednesday, with loading programmes later that evening or on Thursday.

* There was still no sign of 2018 crude contracts, traders said.

TENDERS

* India’s IOC issued a new tender for crude loading June 21-30 that closes on Thursday.

* Indonesia’s Pertamina closed its tender to buy 600,000 barrels of May-loading oil. Winner details did not immediately emerge, although the refiner was thought to have taken Qua Iboe. Reuters

Isaac Umunna

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