LONDON, July 25 (Reuters) - Angolan sales to China were
picking up, traders said, after a slow summer in which a heavily
backwardated market and sluggish margins dragged on demand.
ANGOLA
* The profit from processing a barrel of crude in Singapore
DUB-SIN-REF reached $9.37 in July, the highest in nearly two
years, but settled at $6.36 on Thursday -- still far up from a
$1.52 low for the year.
* China on Wednesday increased quotas for exports of refined
products to four state-owned companies including top refiner
Sinopec, PetroChina, Sinochem Group and CNOOC Group.
* The likely steep rise in exports may act as a drag on
margins as the year goes on. * Fixtures for late August loading cargoes of Angolan crude
bound for the Far East picked up in recent days.
* Brent briefly dipped into contango on Wednesday for the
first time since March, making prices for forward deliveries
higher than for prompt ones and boosting the attractiveness of
Angola's long voyage East compared to Mideast grades.
NIGERIA
* Northwest European gasoline margins inched up from two
week lows amid muted exports to North America, while data showed
gasoline stocks in the U.S. remained plentiful. PRO/E
* Amid sluggish demand and competition from robust U.S.
exports, August-loading Qua Iboe and Bonny Light were heard to
have sold for around a $2 premium compared to dated Brent.
* Around 20 cargoes remained for August loading.
TENDERS
* Astron Energy in South Africa issued a tender set to close
on Thursday for a West African grade delivering to Saldanha port
on Sept. 24-26.
RELATED NEWS
* With a little over five months left until stricter marine
fuel rules come into effect, shippers like Singapore's Ocean
Tankers have started testing lower sulphur fuel to prepare their
fleet for the transition. * Britain has started sending a warship to accompany all
British-flagged vessels through the Strait of Hormuz, a change
in policy announced on Thursday after the government previously
said it did not have resources to do so.