LONDON, July 1 (Reuters) - Angolan crude oil was on track to
sell more swiftly after its poorest month of the year, with
August loading programmes attracting more interest on eased
price offerings.
ANGOLA
* About 20 cargoes remain for loading in August, roughly the
same rate as in better trading months this year.
* The premium of Brent crude to Dubai DUB-EFS-1M settled
at a two-month low of about $2.81, increasing the appeal of
Atlantic basin crude versus Middle Eastern varieties.
* Still, Chinese buyers were reluctant to buy Angolan in
volumes seen in earlier months due to backwardation and high
freight rates relative to the beginning of the year.
* Offers for Angolan grades more or less matched their lows
at the end of the slow July-loading cycle and have even come
down slightly, with Cabinda heard to have been at a premium
above dated Brent of $1.30 and Girassol at $2.00.
NIGERIA
* Gasoline departures from Northwest Europe to the United
States rose this week, according to Refinitiv, as the PES
Philadelphia refinery shutdown undercuts U.S. refining capacity.
* An unexpected fall in U.S. gasoline stocks reported last
week EIA/S is also putting Nigerian in higher demand in
Europe.
* The positive signs have put price offerings for major
grades Bonny Light and Qua Iboe slightly above a premium of
$2.50 above dated Brent, near multi-year highs.
RELATED NEWS
* OPEC agreed on Monday to extend oil supply cuts until
March 2020, three OPEC sources said, as the group's members
overcame differences in order to prop up the price of crude amid
a weakening global economy and soaring U.S. production.
* Russia reduced oil production in June by more than the
amount agreed in a global deal to cut output, the energy
minister and industry sources said on Monday, as the sector
still felt the impact of a contaminated crude crisis that
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Brent-Dubai Spread https://tmsnrt.rs/2FKmuki
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