LONDON, June 6 (Reuters) - Little trading occurred on
Thursday as market participants awaited the outcome of a tender
by India's IOC, while Angola's July loading cargoes began to
clear more rapidly due to price markdowns.
ANGOLA
* Around 10 cargoes remained for July loading, as consistent
daily price discounts have attracted more buyers.
* One or two cargoes were heard to have been sold to
independent Chinese refiners in recent days, despite relatively
weak Asian refining margins.
* At least two cargoes of the new Mostarda grade had sold
and one appeared likely to be absorbed by a Chinese state
refinery as prices for the high-sulphur grade fell.
* Intense backwardation, with prices for prompt delivery
higher than those for later dispatch, continued to discourage
East Asian imports of West African grades. The Dubai-Brent
spread DUB-EFS-1M again shot up to around $3.60 after easing
this week.
* London-based energy data firm Kpler said seaborne loadings
for May declined to 1.33 million barrels per day, down 81,000
bpd on the month and 96,000 bdp on the year, and at a five-year
low.
NIGERIA
* Price offerings for Nigerian crude have remained high, and
while Northwest European refining margins are relatively good,
energy majors may absorb more into their own refining systems.
* Pressure has come from Azeri BTC, a comparable grade to
some lighter Nigerian varieties, as cargoes have sold at around
dated Brent plus $2.30, down by 50 cents from late May offers.
* Royal Dutch Shell said operations were continuing at the
Bonny Light and Forcados terminals after traders reported
loading delays at both.
* Arrivals of U.S. crude in Asia in the first five months of
the year amounted to 1.07 million bpd, up 69% from 632,000 bpd
in the same period of 2018. India's imports of U.S. crude rose
to 196,000 bpd from 32,800 bpd. * Nigerian exports fell in May, according to Kpler, by
202,000 bpd to the lowest since January at 1.85 million bpd due
to seasonal lows as well as reduced U.S. demand.
TENDERS
* India's IOC is running a tender for a West African grade
for loading between August 1-10 due to close on Thursday.
* Indonesia's Pertamina is running a tender for southeast
Asian, Australian and Nigerian grades for delivery between 9-11
August, set to close on Tuesday.
* Uruguay's ANCAP issued a tender for early August arrival.
RELATED NEWS
* Nigeria's petroleum regulator has revoked six oil block
licences due to "legacy debts", it said in a public notice on
Thursday. * The United States is now the world's biggest crude
producer, but the oil being produced in its prolific Permian
basin is increasingly too light in density for domestic refiners
or for exports, eroding prices for these orphan barrels.