July 3, 2020 / 3:48 PM / a month ago

W. Africa Crude-Angolan differentials ease, cargoes dwindle

LONDON, July 3 (Reuters) - Price offers for Angolan crude oil eased slightly on Friday due to a lack of Chinese buying, but cargoes remaining to be sold for August have been selling steadily.

* Poor margins and nearly-exhausted import quotas for independent refiners meant Chinese buyers were less interested in Angolan and Congolese crude grades.

* Much of the export programme for Congolese Djeno remains unsold, traders said.

* Still, only around a little over 12 cargoes of Angolan oil have yet to be sold for August, as a pick-up to some middle distillate margins and draws of refined product stocks provided support in some markets.

* Consistent Indian buying continued to buoy Nigerian differentials, especially for some medium grades.

* Prices for lighter Nigerian grades had yet to rally despite significant draws on gasoline stocks in Europe, as cheap U.S. competition continues to be more attractive to importers.

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* Oil majors Eni and Royal Dutch Shell were aware that most of the money they spent to buy a Nigerian oilfield in 2011 would go in corrupt payments to politicians and officials, an Italian prosecutor said on Thursday.

* Global supply of fuel oil, used by ships and power plants, is expected to grow in the third quarter, depressing the marine fuel market as shipping demand remains weak, analysts and trade sources said. (Reporting by Noah Browning; editing by David Evans) ))))

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