LONDON, June 5 – Nigerian crude differentials remained under downward pressure on Monday as a Forcados loading programme for June added to already ample supplies.
Angolan cargoes were gradually finding homes at steady to weaker differentials.
* Differentials for most grades were struggling, a trader said. The Forcados programme in June – scheduled at seven cargoes – was weighing on the market.
* As many as 12 cargoes were available for June loading plus many more for July.
* About 12-13 cargoes for July loading were still available, a trader said, down from an estimate of 15 given on Thursday.
* Sonangol was heard to be offering a Dalia cargo loading on July 29-30 at dated Brent minus $1.10.
That was steady compared with an offer level reported on Friday, although a trader said sold prices were closer to dated minus $1.50 suggesting a weaker market.
* Indonesia’s Pertamina is running a tender to buy August-loading crude, which closes on Wednesday.