May 21, 2020 / 3:54 PM / 3 months ago

W. Africa Crude-Angolan offers still strong for now, IOC tender results awaited

    LONDON, May 21 (Reuters) - Offers for Angolan crude firmed
further on Thursday though traders said the market was running
out of steam given weak margins across refined products,
particularly in Europe. 
    * Prices for certain Mediterranean grades were starting to
fall after a sharp jump over the last few weeks, indicating that
the market could be turning after a buying frenzy that began at
the end of April.
    * Angolan allocations for July had still not emerged, nor
had any Nigerian programmes.
    * BP was offering a cargo of July loading Girassol at dated
Brent plus $3.50 and a cargo of Saturno at dated Brent plus
$1.00 a barrel. 
    * The level is up from a June loading Girassol cargo that
sold this week after being offered at plus $2.50, the final deal
price did not emerge.
    * Several cargoes of June loading Nigerian crude were on
offer. BP was showing Escravos at dated Brent plus $2.50 and
Forcados at dated Brent plus $2.85. 
    * Eni offered a June loading cargo of Saxi at dated Brent
plus $1.90 and Brass River at dated Brent plus $1.50 a barrel. 
    * Uruguay's ANCAP bought a cargo of Angolan crude for July
delivery from Vitol in its latest tender, traders said. 
    * The coronavirus pandemic has done in a handful of months
what even a 27-year civil war did not: it has brought oil
drilling to a halt in Angola, Africa's second-largest oil
producer. The consequences could be grave for a poor country
that relies heavily on oil revenues and is saddled with debts
that exceed its economic output.             

 (Reporting by Julia Payne; Editing by Susan Fenton)
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