LONDON, Feb 5 (Reuters) - Rapidly slowing economic activity
in China halted Chinese crude buying as Brent crude futures
flipped into contango for the first time since July.
ANGOLA
* Amid sharp refinery runs cuts, Chinese buying was largely
paused but major customers appear not to have issued any force
majeure declarations on existing crude purchases. * Teapot refineries in China's Shandong province, accounting
for a fifth of crude imports, have halted spot trading.
* Only three VLCC tankers were reported in the last 12 days
to be on schedule to export West African crude to China,
chartered by Chevron, Unipec and PetroIneos -- an unusually low
number.
* A collapse in jet fuel margins due to restricted air
travel to and within China has cut demand for heavier crude oil.
* Angolan state oil company Sonangol has been offering a
cargo of Dalia crude at dated Brent plus $2.00, far above a sale
price for the variety of just $1.10 last week.
* India's IOC issued a spot tender with results expected for
crude loading April 1-10, yet results did not emerge.
* The flip of market structure in contango will encourage
traders to keep crude in storage for more profitable resale in
the future, and is a boon for sales of West African oil on long
voyages.
NIGERIA
* Saudi Arabia lowered its official selling prices for its
Arab Light and North Sea forties differentials slipped for the
fourth day in a row, putting downward pressure on Nigerian oil.
* European buyers were largely waiting for price drops as
gasoline cracks eased, though new data on Wednesday indicated
U.S. gasoline stocks fell despite predictions of a significant
build. EIA/S
* Tullow Oil plans to cut a third of its staff to save about
$20 million, a source with direct knowledge of the matter said,
after the firm was hit by weak output in Ghana, delays in East
Africa and lower-than-hoped-for oil quality in Guyana.
* A Milan court has rejected a prosecution request to hear
testimony from a former legal adviser of Eni who has accused the
company of spying on judges, offering a boost to the Italian oil
firm as it fights bribery allegations over a Nigerian oil field.
* Trading companies Mercuria, Trafigura and United Arab
Emirates-based GP Global have applied for licences to supply
marine fuel to ships in Singapore, the world's top bunkering
hub, three sources with knowledge of the matter said.