LONDON, Dec 18 (Reuters) - Spot trade was muted on Wednesday
as high freight rates weighed on Asian demand, while the market
waited for key indicators such as Angola's term allocations for
February and the results of Indian tenders.
Around five Angolan cargoes were still available from the
January programme including a cargo of Cabinda with Chevron.
Nigeria's February loading programmes have not yet been
finalized and the official selling prices were still not out,
traders said.
Freight rates continued to rise on logistical issues related
to the switch to cleaner shipping fuel coming into effect on
Jan. 1.
One trader said the rate was World Scale 110 for a voyage
from West Africa to China, up around 10 points compared with
last week. This has made the arbitrage east uneconomical as
dated Brent is also strong.
TENDERS
India's IOC closed a tender for crude loading Feb. 1-10. The
results did not immediately emerge.
India's HPCL issued a tender for crude loading Feb. 1-10
with results expected on Friday.
Taiwan's CPC also closed a tender to buy crude with results
expected to emerge by Friday.