W. Africa Crude-Angolan cargoes linger as demand remains slack

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LONDON, Jan 6 (Reuters) – Sellers of Angolan crude were
offering several cargoes on Monday as activity remained subdued
after the holidays.

* As many as 20 of Angola’s 38 cargoes for February are for
sale of which four are re-offers, traders said, a large volume
for this stage in the monthly trading cycle
* State oil company Sonangol was still seeking to sell
cargoes of Gindungo, Hungo, Olombendo and Dalia. The latter
crude was offered at dated Brent plus $2.50, steady from Friday
* Backwardation, high freight rates and lacklustre margins
have dampened trading

TENDERS
* Indian Oil Corp. is running two buying tenders this week
for crude for delivery in the first half of March, a trader said
* Turkey’s Tupras closed a tender to buy Bonny Light,
Forcados or Jones Creek for Feb. 25 to March 5 delivery

(Reporting by Alex Lawler
Editing by David Evans)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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