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W. Africa Crude-Spot trade muted as market awaits tender results

LONDON, April 3 – Spot activity was slow on Tuesday because of a number of tenders, while high stocks building up in major buyer China and seasonal refinery maintenance depressed demand.

* Traders were still waiting for Nigeria’s state firm NNPC to issue its annual crude contract list, which was expected to emerge this week.

* Angola’s state oil firm Sonangol was still offering three Dalia cargoes at dated Brent minus 90 cent a barrel, Sangos at dated Brent minus 40 cents and Saturno at dated Brent minus 75 cents.

* May loading cargoes of Nigerian Qua Iboe were being offered a dated Brent plus $1.70-1.80 a barrel, higher than April cargoes, while Nigerian Forcados was being shown at dated Brent plus $1.80-1.90 a barrel.
TENDERS

* Indian state oil refinery IOC issued a tender to buy oil loading in early June, including a variety of West African grades. It closes next week.

* Indonesia’s Pertamina was also running a tender to buy oil that closes next week.
RELATED NEWS

* Yemen’s Houthis hit a Saudi oil tanker in the Red Sea off the main port city of Hodeidah, the Saudi-led coalition that is fighting the Iran-aligned group in Yemen said on Tuesday.

* A backlog of crude cargoes has built up off the coast of China, limiting prospects for new shipments to the world’s largest oil importer, trading and shipping sources said. (Reporting By Julia Payne. Editing by Jane Merriman)

Naija247news, Nigeriahttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.
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