off-the-wire

W. Africa Crude-South Asia buy tenders issued as overhang weighs on diffs

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, March 28 (Reuters) - South Asian refineries were running buy tenders while sluggish demand especially from Europe weighed on differentials for Nigerian crude.


* Indonesia's Pertamina issued a tender for June-arriving crude due to close on Wednesday.
* India's HPCL closed a tender for June-arriving crude, but results did not immediately emerge.
* Angola's state oil firm Sonangol last offered two spot cargoes in May: a Gimboa at dated Brent minus $4.10 and a Girassol at dated Brent plus $3.00.
* The persistence of French refinery strikes was squeezing flows of Nigerian oil into one of its top markets, with sales to South Asia and the United States not making up for the losses.
* Around 30 cargoes of April-loading Nigerian crude had yet to find buyers while the new May-loading exports had barely begun selling, traders said, making for an especially diffuclt start to its trading cycle.


RELATED NEWS
* Oil production in Iraq's semi-autonomous Kurdistan region (KRI) is at risk after a halt in northern exports has forced firms operating there to cease output or divert crude to storage, where capacity is limited.
* Industrial action over the past three weeks has seen every French refinery debilitated to some extent, hindering fuel deliveries throughout the country and depressing European crude prices as market players look to sell. (Reporting by Noah Browning; editing by Jonathan Oatis)


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