LONDON, June 7 (Reuters) - Price offerings on some Nigerian
grades were heard to have come down slightly from multi-year
highs, traders said on Friday, but backwardation and abundant
U.S. crude continued to leave many cargoes without buyers.
NIGERIA
* Nigerian cargoes have struggled to sell after early month
price indications dissuaded customers, although traders said
offers were beginning to come down.
* European refiners, despite favourable refining margins,
remained reluctant to pick up Nigerian cargoes. One trader said
major grade Bonny Light, offered early this month at as high as
$4.00, was overpriced by $2.00.
* Market participants are divided over whether the cargoes
will be marked down further and ultimately sold or absorbed by
energy majors' own refining systems.
* Traders reported confusion about the cause of loading
delays lasting at least several days at the Bonny Light and
Forcados terminals.
* Phillips 66 was scheduled to transport at least one
Suezmax of West African crude, likely Nigerian, to Canada's East
coast for early July loading according to Eikon fixtures.
ANGOLA
* Brent's premium to Dubai DUB-EFS-1M stood around $3.60 a
barrel for a second day, barely down from the highest levels
since May 2018 last week, favouring East Asian buying from
Russia and the Middle East instead of the Atlantic Basin.
* Under 10 cargoes remain for July loading, as trading
picked up following price markdowns.
TENDERS
* Indonesia's Pertamina is running a tender for southeast
Asian, Australian and Nigerian grades for delivery Aug. 9-11,
set to close on Tuesday.
* Tenders by Uruguay's ANCAP for two cargoes for Aug. 15-19
and Sept. 1-5 arrival closed on Thursday, but the winners did
not immediately emerge.
RELATED NEWS
* Fitch ratings agency affirmed Nigeria at 'B+' Outlook
Stable, as the rise in oil production would be offset by the
decline in oil prices under its baseline. * U.S. crude exports edged higher to about 2.8 million
barrels per day (bpd) in April from about 2.7 million bpd in
March, foreign trade data from the U.S. Census Bureau showed on
Thursday.