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W. Africa Crude-Nigerian offers reduce; Angolan glut yet to clear

PUBLISHED: Wed, 14 Apr 2021 15:26:51 GMT

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LONDON, April 14 (Reuters) – Offers for lighter Nigerian crudes continued to ease on Wednesday, as a large handful Angolan cargoes loading in May remained unsold amid ebbing Chinese demand.

* Poor European demand due to new coronavirus lockdown measures along with competition from U.S. oil was dimming prospects for Nigerian oil sales there.

* India’s IOC was running two buy tenders for June-loading crude set to close on Thursday, offering hope for the sizeable overhang of unsold crude after the country bought multiple Nigerian cargoes late last week.

* Offers for Nigerian Agbami crude slipped to around dated Brent minus $2, roughly in line with the recent price plunges for light U.S. WTI Midland crude.

* Around 8 cargoes of Angolan crude loading in May remain unsold, with many differentials for several grades sinking to multi-month lows as new June volumes are expected this week.

* An uptick in Chinese buying of Iranian oil is increasingly squeezing sales there of Angolan, Brazilian and North Sea crude.

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* Vaccine rollouts are brightening the outlook for global oil demand, the International Energy Agency (IEA) said on Wednesday, although rising cases in some major oil-consuming countries show a recovery may be fragile.

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* U.S. crude stocks and distillate inventories fell while gasoline inventories rose, the Energy Information Administration said on Wednesday. (Reporting by Noah Browning; Editing by Amy Caren Daniel) ))

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