West African crude differentials were under pressure on Friday, traders said, despite a new round of disruption to Nigerian crude exports this week.
ANGOLA
Around six of the 43 cargoes in the Angolan June programme were still available.
State oil company Sonangol has sold its June cargoes. The company sold a Girassol cargo to P66 this week, a trader said, at a differential thought to be a discount to dated Brent, relatively weak for the grade.
The July loading programme includes at least 48 cargoes, a schedule issued this week showed.
NIGERIA
July loading programmes started to appear this week. Nigeria’s largest stream, Qua Iboe, is exporting nine cargoes, two more than in June.
About 20-25 cargoes of June-loading Nigerian crude were still available, although traders said some would find their way into major oil companies’ refining systems and others might be deferred.
Supply of two major Nigerian streams has been disrupted this week. Bonny Light is under force majeure and a pipeline which exports Forcados was shut down.
Nonetheless, competition from other grades is keeping a lid on differentials, traders said.
TENDERS
Indonesia’s Pertamina is running a tender to buy crude for Aug. 1-10 or 16-20 or early September delivery. The tender closes on Monday.
India’s HPCL is running a tender to buy 6 million barrels of crude for delivery on July 1-15 or Aug. 1-10. The tender closes on May 23.
