LONDON, Feb 11 (Reuters) - West African grades continued to
sell slowly, with Chinese demand in limbo amid the coronavirus
outbreak while low freight rates both eastward and to Europe
provided little relief.
* At least a dozen Angolan crude cargoes remained from the
March export programme, with sellers reluctant to mark down
offers from levels late last week.
* The six-month Brent contango spread from April to October
on Feb. 10 widened to about $1.22 barrel, the highest since
December 2018 as concerns over demand deepened. * Traders said the market structure shift was not yet
pronounced enough on front-month futures contracts to justify
offshore storage.
* No buyers emerged for the four Angolan cargoes being
re-offered for sale by China's Unipec.
* Spain's Repsol was heard to have purchased a cargo of
Congolese Djeno offered by Perenco, but the price did not emerge
immediately.
* Nigerian crude struggled to find European buyers as
traders suggested that slack Chinese buying meant more Russian
crude was heading westward, shutting out Nigerian competition.
* Main grades Bonny Light and Qua Iboe continued to be
offered at around dated Brent plus $2.50, but a trader said they
would likely not sell above dated Brent plus $2.20.
TENDERS
* India's IOC issued a buy tender for crude loading April
11-20. Results are expected on Thursday.
* Indonesia's Pertamina issued a buy tender for crude
cargoes for May 1-3 delivery. The tender closes on Wednesday
with bids valid until Friday.
RELATED NEWS
* Iraq has dropped the March official selling price (OSP)
for Basra Light crude to Asia by $0.75 to plus $1.80 a barrel
against the average of Oman/Dubai quotes from the previous
month, the State Oil Marketing Organization (SOMO) said on
Tuesday. * China's private chemical giant and refiner Hengli
Petrochemical 600346.SS has cut to 90% from this week its
crude oil processing rate at a northeastern plant, down from
109%, as the coronavirus outbreak hits demand, a spokesman said
on Tuesday.