bonny lightLondon — Angolan cargoes for May loading were set to clear as traders expected the June loading programme this week, while Nigerian crude received some support from favourable refining margins in Europe.
* Only one cargo of Angolan crude was still being offered for May loading, a trader said, as the June programme is expected to emerge before the Easter holiday.
* While Angolan has sold briskly in Asian markets and has also been propped up by Asian demand, traders note a widening Dubai-Brent spread may make them less attractive there.
* Around 15-20 Nigerian cargoes remained for May loading.
* Major Nigerian grades Bonny Light and Qua Iboe continued to be indicated at or above a $2.00 premium compared to dated Brent, which buyers have been reluctant to meet for weeks.
* But Nigerian light grades are particular well suited to be refined into gasoline and with European gas cracks at their highest levels since August, differentials could be supported.
* Turkey’s Tupras issued a buy tender for three cargoes for Bonny Light, Forcados or Escravos Nigerian crude for loading between May 25 and June 10.
* Uruguay’s ANCAP has issued a buy tender for July 1-6 arrival.
* India’s IOC was also heard to have issued a tender although details did not immediately emerge.
* Iran’s crude oil exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting buyers are curbing purchases before Washington clamps down further on Iranian shipments as expected next month.
* U.S. crude oil output from seven major shale formations is expected to rise by about 80,000 barrels per day (bpd) in May to a record 8.46 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday.
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