W. Africa Crude-Tenders slow spot trade, offers edge lower
LONDON, May 24 (Reuters) – Spot trading in Angolan and Nigerian cargoes was dampened by a flurry of crude tenders and an upcoming long weekend in Britain, leaving differentials drifting slightly lower.
India’s HPCL awarded its latest tender earlier in the week, but there were still results outstanding from Thailand’s PTT, Indonesia’s Pertamina and an upcoming buy tender from Peru’s Petroperu, meaning owners of physical cargoes were still withholding some of those barrels from the spot market.
ANGOLA
* ENI was said to have sold a cargo of Hungo at around or just below $1.00 below dated Brent, traders said.
* Angola’s state firm Sonangol still has a cargo of Dalia left available in July.
* Sangos and Kissanje were still being offered at discounts between 75 cents and $1.00 to the dated price.
* Sinopec’s trading arm Unipec has bought 16 million barrels, or about 533,000 barrels per day, of U.S. crude to load in June, they said, the largest volume ever to be lifted in a month by the company and worth about $1.1 billion.
NIGERIA
* There are still between 15 and 20 cargoes that remain unsold from the June loading programme, out of a total of 60 but down from closer to 30 a week ago.
* Exports of Bonny Light are still subject to force majeure, according to a spokesman for Royal Dutch Shell, which operates the stream. The company declared force majeure late last week after a problem on the Nembe Creek trunk line.
TENDERS
* Indian HPCL’s awarded its latest tender for crude for delivery July 1-15 or Aug. 1-10. Traders said Shell was awarded 2 million of those barrels, but the grade was not immediately clear.
* Petroperu has launched a tender to buy two 380,000-barrel cargoes of a Latin American, West African or U.S. crude for delivery July 5-25 at Talara and Conchan.
* Thailand’s PTT is looking to buy between 300,000 and 1 million barrels of light sweet crude for delivery between mid-July and mid-August.
* Indonesia’s Pertamina closed a tender to buy crude for either Aug. 1-10, Aug. 16-20 or early September delivery but the winner’s details had not yet emerged. (Reporting by Amanda Cooper; Editing by Dale Hudson) ))
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