(.)
LONDON, June 28 (Reuters) - Differentials for Nigerian oil
were supported by steady Asian demand and rising European
gasoline margins.
NIGERIA
* Nigerian exports to India finished June at about 500,000
bpd, according to Refinitiv data, the highest since December.
* The high levels compensate for Iranian and Venezuelan
crude kept off the market by U.S. sanctions, though the uptick
of U.S. crude into India has outpaced WAF and other grades.
* Gasoline stocks in independent storage in the
Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose
by 6% in the week, Dutch consultancy Insights Global said, as
traders anticipate greater U.S. demand amid the PES refinery
shutdown.
* An unexpected fall in U.S. gasoline stocks reported this
week USOILG=ECI is also putting Nigerian in higher demand in
Europe even as Nigerian exports to the U.S. hit a five-week low.
* The positive signs have put price offerings for major
grades Bonny Light and Qua Iboe well above a premium of $2.50
above dated Brent.
ANGOLA
* Angolan exports to China finished the month at around 1.1
million bpd, the highest since January, before sagging margins
and freight costs led to July's more modest flows.
* Prices are steady and low for August loading cargoes after
mid-July price offerings were deemed to high by Chinese buyers,
leading to the first overhang of 2019.
* Around 1-2 cargoes of Angola's planned 45 cargoes for
August were selling per day, as interest in heavier crude
remains generally high despite lacklustre Asian demand.
RELATED NEWS
* Russian Energy Minister Alexander Novak said he hoped a
meeting of G20 nations in Japan would provide clarity for OPEC
and non-OPEC oil producers as they consider whether to extend a
deal on cutting crude supplies beyond June. * Venezuelan state oil firm PDVSA is revamping one of its
major processing operations geared to supplying U.S. buyers to
produce instead a crude grade favoured by Asian refiners,
according to internal documents seen by Reuters.