W. Africa Crude-Offers down as tender results, programmes awaited

PUBLISHED: Thu, 15 Apr 2021 15:56:38 GMT

LONDON, April 15 (Reuters) – Offers for West African crude continued to slip on Thursday as traders awaited results of a buy tender for India’s IOC and Angolan export plans for June.

* Up to 10 Angolan crude cargoes loading in May remain unsold, with the provisional export programme for July-loading cargoes expected on Friday.

* Angolan Clov and Nemba were last offered for around minus $1, Dalia for minus 50 cents and Cabinda at dated Brent flat.

* Cabinda differentials are at their lowest since about May and traders said maintenance at regular outlets at Galp’s Matosinhos refinery in Portugal and Total’s at Donges in France was hurting sales of the grade.

* India’s IOC closed two buy tenders for June loading on Thursday, but results were slow to emerge after the firm bought 8 million barrels of Nigerian crude last week.

* A cargo of medium-light Jubilee crude from Ghana sold for as low as dated Brent minus $1, down from recent a recent offer of the grade for about minus 40 cents.


* Spain’s High Court on Thursday placed Antonio Brufau, chairman of oil company Repsol, and Isidro Faine, the former chairman of Spain’s Caixabank, under formal investigation as part of a probe into a decade-old alleged spying case.

* Royal Dutch Shell said on Thursday the majority of its oil and gas reserves will be produced by 2050, playing down the risk of stranded assets as it prepares to reduce its greenhouse gas emissions in the coming decades. (Reporting by Noah Browning; Editing by Ramakrishnan M.) ))

(c) Copyright Thomson Reuters 2021. Click For Restrictions – https://agency.reuters.com/en/copyright.html

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