The West African crude oil market was quiet on Monday as traders assessed offers on the recently released Angolan export programme for July, saying they were mostly higher than the month before.
Traders said that most offers came in higher than prices for the June cargoes when they first came to market, and at least one buyer said that his firm would hold back before bidding, Reuters reports.
An initial loading programme showed exports at 1.49 million barrels per day (bpd), its lowest monthly level in over three years, down from 1.66 million bpd planned in June.
This was seen as being supportive of differentials, but a trader said it was possible that a few more cargoes may be added to the programme shortly.
A few more Nigerian cargoes for June loading sold, but around nine were still available two days before the programme for July comes to market.
Civil unrest in Libya also was supportive for rival Nigerian grades as any hopes of a rapid recovery in exports from the north African nation faded.
A Libyan air force base in the eastern city of Tobruk said it was allying itself with a renegade general, who has promised to purge the country of Islamist militants.
ANGOLA
Girassol was offered at dated Brent plus $1.10, lower than at the start of the previous month. However, other grades were
said to be offered at slightly higher levels.
Dalia was offered at dated Brent minus 80 cents, Cabinda at plus $1.10, Hungo at minus 90 cents, Kissanje at minus 15 cents, Plutonio minus 80 cents, Saturno at minus $3.30 and Saxi at plus 50 cents.
NIGERIA
Qua Iboe: Just one cargo remained for June loading, a trader said. It was assessed at around dated Brent plus $3.10.
Three Brass River cargoes were available for purchase, offered at around $3 over dated Brent.
ASIAN TENDERS
The results of a BPCL tender are expected on Tuesday. It includes a clause that enables BPCL to buy June cargoes as well as July and August vessels, a trader said.
The results of a Pertamina tender are expected on Thursday, a trader said.
