W. Africa Crude-Nigerian under pressure; Sonangol sells Plutonio

Date:

Lagos, June 22 – Nigerian crude differentials remained under downward pressure on Thursday from ample supply, while Angolan state oil company Sonangol sold one of the two August cargoes it was marketing.

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Underlining a well supplied Nigerian market, traders said there were as many as 30 cargoes available for June and July loading, plus the newly released August loading programmes.

NIGERIA

* Nigeria’s largest crude Qua Iboe was valued by one trader at less than dated Brent plus 40 cents, steady from Wednesday and the weakest price assessment since late 2015.

* Supply is plentiful: Nigerian exports are set to reach a 17-month high in August, and traders said there are 20 cargoes for loading in July and another 10 for June loading still available.

ANGOLA

* Sonangol sold a cargo of Plutonio it had been marketing and is left with only a Saturno cargo left to sell for August, two trade sources said.

* The Saturno was being offered at dated Brent minus 70 cents, a trader said, the higher end of an offer range reported on Wednesday.

TENDERS

* The result of Indian Oil Corp.’s tender to buy prompt-loading oil, which was expected on Thursday, was slow to emerge.

* India’s HPCL and Indonesia’s Pertamina are running tenders to buy oil, for loading in August and September respectively. (Reporting by Alex Lawler, additional reporting by Libby George; editing by Susan Thomas) )

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