LONDON, April 25 – Nigerian cargoes for May loading are clearing and the market has found support on improved buying interest amid strong refinery margins, traders said on Tuesday.
Nigeria’s Bonga oilfield resumed production after planned maintenance, but traders were still waiting for loading programmes.
Angolan offer levels were little changed, while some potential buyers were holding out for lower numbers, traders said.
* Angolan loading programme for June was issued last week and includes 52 cargoes, or 1.67 million barrels per day, higher on a daily basis than May’s schedule.
* Dalia was being offered at dated minus 60 cents on Tuesday, a trader said, unchanged from Monday.
* Pazflor offered at dated Brent minus 50 cents and Kissanje at dated minus 30 cents – both steady from levels reported on Friday.
* The number of unsold May-loading cargoes has come down to less than 15 after a number of recent deals, traders said.
* The bulk of the June loading schedule has been issued to the market, although programmes yet to appear include Bonga, Erha and Yoho, traders said.
* Offer levels were thin on the ground on Tuesday as traders focused on pending buying tenders. Qua Iboe was last heard offered at dated Brent plus $1.00.
* Several Indian refiners are running buying tenders this week, including MRPL, HPCL and BPCL.
* Indonesia’s Pertamina is running a buying tender for the second half of 2017 that closes on Tuesday.