Demand from independent refineries in China has started to wane on weak margins, higher differentials and the near evaporation of contango.

Around 15 cargoes of July loading Angolan were still available.  BP sold a cargo of Angolan Girassol previously offered at dated Brent plus $3.30 but further details did not immediately emerge.

India’s IOC has two buy tenders running for west African crude. One is for cargoes loading July 4-13 and the other for Aug. 1-10. Results for both are expected on Friday.

 

Source: Reuters

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