LONDON, May 16 (Reuters) - Angola's preliminary loading
programme for July emerged on Thursday, indicating a rise of one
cargo compared to June, for which a few cargoes still remain.
High price offers are expected, given global tightness in
physical markets and a broad gap in heavier grades.
ANGOLA
* July exports are set to be 44 cargoes, a recovery to just
below normal levels after maintenance on two key streams pushed
June's preliminary programme to near 10-year lows, although they
rebounded to 43 cargoes in the final programme.
* Term allocations are set to emerge early next week.
* 2-3 Angolan cargoes remain for June loading, after key
buyer China finished its purchases early for the month and
European customers have been reluctant to meet high prices.
* Asian demand may be weighed down by a widening of the
Brent-Dubai spread DUB-EFS-1M to $3.10 -- the highest since
October -- as well as steep backwardation, with the front-month
Brent futures spread closing at nearly 90 cents on Wednesday.
LCOc1-LCOc2 .
* Most traders believe China has few alternatives for
Angola's heavier oil grades, which are scarce in the global
market because of U.S. sanctions on Iran and Venezuela.
NIGERIA
* A slightly larger-than-normal overhang of around 20
cargoes remain for June loading, with July programmes expected
sometime next week.
* The U.S. Energy Information Administration (EIA) said on
Wednesday that U.S. imports from Nigeria fell by 351,000 bpd in
the week to May 10, to 95,000 bpd, while imports from Iraq,
Kuwait, Saudi Arabia, Brazil and Colombia rose.
* Stocks had increased on the U.S. Gulf Coast, while U.S.
West Coast oil imports climbed 238,000 bpd to 1.37 million bpd.
Atlantic coast imports also rose.
* European demand for Nigerian crude is seen to be
especially high given reduced exports of competing grades from
Kazakhstan and Azerbaijan, though purchases of such varieties
closer to home proceed on a different timescale than for West
African oil.
* But higher exports of U.S. oil are predicted to somewhat
dampen European demand for Nigerian crude in the near future.
* Energy majors were heard to be ratcheting up offers for
West African grades, with Nigerian Qua Iboe being offered at an
all-time high of $2.70, but buyers said prices were too high.
TENDERS
* India's IOC has two buy tenders for crude loading July
7-16 and June 22 to July 1, closing on Thursday.
RELATED NEWS
* Asian shippers and refiners have put ships heading to the
Middle East on alert and are expecting a possible rise in marine
insurance premiums after recent attacks on Saudi oil tankers and
pipeline facilities, industry sources said. * U.S. crude oil stockpiles rose unexpectedly last week,
climbing to their highest since 2017 amid a release from the
national emergency reserve, while gasoline inventories decreased
more than forecast, the Energy Information Administration said
on Wednesday.