Angolan cargoes for June had just about sold out by Monday, as the programme for July was awaited by the end of the week with high offering prices again expected amid tightness in global physical markets.
The Angolan programme was expected on Wednesday or shortly after, with traders keen to see if maintenance was completed on two main streams which made the June programme unusually short. Traders believe prices will meet or exceed offerings for June, which for most grades reached all-time highs.
U.S. sanctions on Iran and Venezuela have driven up demand for relatively heavy Angolan grades likes Dalia and Saturno, but lighter grades are also set to maintain or even increase the rise of about 50 cents compared to dated Brent that they experienced in June versus the month before.
Chinese demand for Angolan was seen rising each month, as it looks set to comply with sanctions on Iran despite being its top customer and despite the deterioration in trade talks with Washington over the weekend. Demand from Western buyers was also mounting amid high gas cracks in Europe and the onset of summer driving in the United States.