LONDON, April 7 (Reuters) - Chinese demand has been
supporting the Atlantic Basin market somewhat as differentials
tanked but a shift in arbitrage economics ahead of an OPEC
meeting this week dented enthusiasm on Tuesday.
* The Brent discount to Dubai narrowed to $1.35 per barrel
from nearly $5 per barrel a week ago, making arbitrage shipments
to Asia less attractive. DUB-EFS-1M * Traders said the spot market was virtually frozen due to
the record low pricing.
* "Sellers don't even show numbers any more unless you have
a bid but then the buyer will be scared to lose out. It's
stand-off," one trader said.
ANGOLA
* Angola's state firm Sonangol still has May loading CLOV
and Dalia cargoes for sale.
* Just under half the May loading programme was available.
NIGERIA
* Around 20 cargoes of April-loading Nigerian were still
available while May still had some 40 cargoes available.
* Qua Iboe crude was last offered at dated Brent minus $3.00
a barrel, the lowest differential in two decades, according to
Refinitiv Eikon data. Traded levels were estimated to be even
lower than this, a trader said.
RELATED NEWS
* Saudi Arabia, Russia and allied oil producers will only
agree to deep cuts to their crude output at talks this week if
the United States and several others join in with curbs to help
prop up prices that have been hammered by the coronavirus
crisis.