Angola’s new export schedules are due to be released as a relatively high overhang of cargoes from July still awaits sale.

Between five and 10 cargoes of Angolan crude oil remain to be sold in July. Differentials for Angolan and Nigerian crude largely held steady, traders said, as a weeks-long rally in physical crudes is levelling out due to poor refining margins.

China, usually a strong buyer of heavier West African crude, is providing little support as buying from independent
refiners has ebbed due to high prices and the lack of new import quotas.

A cargo of Girassol sold to a Far Eastern buyer at dated Brent plus $2, while Equinor was offering a cargo of Dalia but details on pricing did not immediately emerge.

India’s HPCL closed two spot tenders for 4 million barrels of oil, including mostly West African grades, and traders still awaited details on the winner.

 

Source: Reuters

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