Nigerian crude trade slows as IOC results awaited

LONDON, June 4 - Traders waited for the results of two Indian IOC tenders on Thursday before resuming spot discussions on Nigerian crude while demand seemed to be slowing after a spike in the last month. 

* Around a dozen July loading Angolan cargoes remained. 
* Exxon Mobil was said to have sold a cargo of Dalia but further details did not immediately emerge. 
* Around two-thirds, or about 35 cargoes, of Nigeria's July programme was still available. 
* India's IOC has two buy tenders running, mostly seeking

West African crude. One is for 2 million barrels cargoes loading July 4-13 and the other for 1 million loading Aug. 1-10 and both are set to close on Friday.

* China's foreign ministry said on Wednesday that the relevant departments were in contact with Angola over its

request for debt relief.
* Brimming diesel inventories and stronger oil prices are
driving down refining profits, stifling incentives to hike
production even as fuel demand recovers from the coronavirus

European cracks, the profit margin for producing
diesel from crude, have hit an all-time low, while cracks in the
United States and Asia have also plummeted.

This site uses Akismet to reduce spam. Learn how your comment data is processed.