W. Africa Crude-Angola, Nigerian markets soft on ample supply

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LONDON, April 6  – West African crude differentials were steady to lower on Friday due to limited demand and ample supply.

In a sign of slack demand, China’s Unipec, normally a big buyer, was still offering cargoes for sale.

NIGERIA

* There are a few April cargoes yet to trade, as well as the bulk of the May programme, traders said.

* Nonetheless, some offers have risen, meaning spot trade has been limited. Qua Iboe was last offered at dated plus $1.70, up from dated plus $1.40 reported on March 21. One trade said value was dated plus $1.50 or lower.

ANGOLA

* About 15 cargoes of May-loading crude are left, a trader said.

* China’s Unipec was last heard to be offering Plutonio at dated Brent minus 15 cents, 15 cents lower than reported on Thursday, and was still showing Saxi at flat to dated Brent.

* Angola’s state oil firm Sonangol, which lowered its offers on Thursday, was thought to be showing the same values.

* These include three Dalias at dated Brent minus $1.20, one Sangos cargo at minus 70 cents and one Saturno at minus $1.05.

TENDERS

* Indian refiner MRPL is running a tender to buy 600,000 barrels for June 1-15 loading, which closes on April 10-12. Grades sought included Mondo, Pazflor, Ceiba, Cabinda, Plutonio and Dalia. (Reporting by Alex Lawler, editing by Susan Fenton)

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