June 10, 2019 / 4:34 PM / 10 days ago

W. Africa Crude-Angolan offered in window

LONDON, June 10 (Reuters) - Spot activity was weak on Monday as a sharp drop in light end margins kept buyers at bay while Angolan crude was offered in the window in a rare move.

* Profit margins for making petroleum feedstock naphtha have hit their weakest in over a decade in Asia and a seven-year low in Europe as the global economy weakens and large-scale processing unit outages hurt demand.

* Gasoline margins in Europe have also dipped. Nigerian grades are mostly light, sweet and have higher yields of those products.

* Nigerian cargoes have struggled to sell after early month price indications dissuaded customers, although traders said offers were beginning to come down.

* Offer levels for Bonny Light and Qua Iboe were being heard at around dated Brent plus $2.50.

* In the Platts window, Unipec offered a cargo of Mostarda at dated Brent plus 20 cents a barrel loading July 28-29.

* Unipec also offered a cargo of Sangos at dated Brent plus 90 cents loading July 16-17.

TENDERS

* Indonesia’s Pertamina is running a tender for southeast Asian, Australian and Nigerian grades for delivery Aug. 9-11, set to close on Tuesday.

* Tenders by Uruguay’s ANCAP for two cargoes for Aug. 15-19 and Sept. 1-5 arrival closed on Thursday, but the winners did not immediately emerge.

RELATED NEWS

* Nigeria’s securities regulator has ordered the suspension of Oando’s annual shareholder meeting due to be held on June 11, the Securities and Exchange Commission said on Monday.

* Swiss energy trader Gunvor Group bounced back in the first quarter of this year after posting a steep net loss for 2018 as restructuring started to pay off, its new chief financial officer said. (Reporting by Julia Payne; Editing by Susan Fenton) ))

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