LONDON, Aug 6 (Reuters) - Angolan oil traded briskly on
Tuesday amid robust demand for diesel in Europe and jet fuel in
Asia, traders said.
ANGOLA
* Only a handful of crude oil cargoes for loading in
September remain.
* Offers for most grades of Angolan crude are up at least 50
cents to a dollar compared to last month on stronger demand,
especially on demand from Chinese independent refiners.
* Asian jet fuel buyers are paying the highest cash premiums
for this time of year since 2013 amid a short-term supply
shortage, though the end of the summer holiday period may soon
dent demand. * European diesel refining margins have held strong in
recent weeks, ending the week nearly 6% higher, supported by
expectations of lower imports from Russia, before slipping
somewhat under pressure from high stocks.
* Strong European gasoil demand especially buoyed the Nemba
grade, which was offered at multi-year highs around a premium of
$1.50 compared to dated Brent.
* Glencore was heard to be offering the final cargo of Dalia
at a premium of $2.50 compared to dated Brent, down slightly
from last week as sellers try to offload their last supplies.
NIGERIA
* A glut of light sweet crude in the Atlantic basin owing to
a surge in U.S. exports and homeless North Sea cargoes has sent
differentials for Nigerian sliding
* Around 15 cargoes of Nigerian crude remain from the August
loading programme, with the prompt barrels dragging down prices
for September cargoes yet mostly failing to attract much buyer
interest despite seller mark-downs.
* Two cargoes of prompt-loading Forcados still await a
buyer, with buyers holding out for a price well below a premium
of $2 compared to dated Brent - among the lowest values in 2019.
* Bonny Light and Qua Iboe were said to be trading below
dated Brent plus $2.00.
RELATED NEWS
* Global oil major BP is deepening its ties with Indian
conglomerate Reliance Industries by forging a fuel retailing
joint venture to capitalise on rising demand in Asia's
third-biggest economy. * Australian oil and gas explorer FAR Ltd, which holds a
stake in licences for oil drilling off the coast of West
Africa's Guinea-Bissau, said a unit of China National Offshore
Oil Corp will take a majority stake in the projects.