Offers for Angolan crude firmed further on Thursday though traders said the market was running out of steam given weak margins across refined products, particularly in Europe.
Prices for certain Mediterranean grades were starting to fall after a sharp jump over the last few weeks, indicating that the market could be turning after a buying frenzy that began at the end of April.
Angolan allocations for July had still not emerged. BP was offering a cargo of July loading Girassol at dated Brent plus $3.50 and a cargo of Saturno at dated Brent plus $1.00 a barrel.
The level is up from a June loading Girassol cargo that sold this week after being offered at plus $2.50, the final deal
price did not emerge.
Eni offered a June loading cargo of Saxi at dated Brent plus $1.90. Uruguay’s ANCAP bought a cargo of Angolan crude for July delivery from Vitol in its latest tender, traders said.