W. Africa Crude-IOC takes WAF grades, Angola programme due

Tue Apr 18, 2017 4:11pm GMT

LONDON, April 18 (Reuters) - Trading was subdued as the market awaited final Angolan loading plans for June. India's IOC took at least 2 million barrels of African oil, while another Indian refinery was due to award its tender on Wednesday.


* Angola plans to export 52 cargoes in June for a total of 1.67 million bpd, the same number as May, but higher on a barrel-per-day basis due to the shorter month.

* While fresh trading was limited, the spread between Brent crude and Dubai DUB-EFS-1M has narrowed significantly to just 90 cents on Tuesday.

* A narrow spread makes West African oil, which is priced against Brent, more attractive to Asian buyers.


* Sellers continued to offer cargoes from storage. There were no fresh sales reported, though India's HPCL had booked the VLCC Texas to load oil at Saldhana Bay for India in early May.   Continued...

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