W. Africa Crude-Nigerian trade slows as IOC results awaited

Published 04/06/2020, 17:47
Updated 04/06/2020, 17:48
© Reuters.

LONDON, June 4 (Reuters) - Traders waited for the results of
two Indian IOC tenders on Thursday before resuming spot
discussions on Nigerian crude while demand seemed to be slowing
after a spike in the last month.

* Around a dozen July loading Angolan cargoes remained.
* Exxon Mobil was said to have sold a cargo of Dalia but
further details did not immediately emerge.
* Around two-thirds, or about 35 cargoes, of Nigeria's July
programme was still available.
* India's IOC has two buy tenders running, mostly seeking
West African crude. One is for 2 million barrels cargoes loading
July 4-13 and the other for 1 million loading Aug. 1-10 and both
are set to close on Friday.

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request for debt relief. * Brimming diesel inventories and stronger oil prices are
driving down refining profits, stifling incentives to hike
production even as fuel demand recovers from the coronavirus
hammering. European cracks, the profit margin for producing
diesel from crude, have hit an all-time low, while cracks in the
United States and Asia have also plummeted.

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