London — Angolan cargoes for May loading dwindled to less than after a strong month of sales to Eastern markets. Nigerian cargoes for April were also almost sold out, paving the way for compromises on elevated differentials for May.
* Cargoes for April sold roughly on schedule as Asian demand held and Western refiners sought to stock up on lighter Nigerian grades ahead of the summer driving season.
* About 30 cargoes remained for May but they have failed to attract European buyers as the major Bonny Light and Qua Iboe grades continue to be offered at a more than $2 premium to dated Brent.
* Less than 10 cargoes remained from the May programme, most of which were held by Equinor.
* Norway’s Equinor has historically done brisk trade with China’s small independent refineries.
* The June loading programme is expected early next week.
* Angolan heavy-medium crude continues to be in high demand.
* A buy tender from India’s IOC for loading June 1-10 closes on Wednesday.
* Indian refiners are holding back from ordering Iranian oil for loading in May, pending clarity on whether Washington will extend a waiver from U.S. sanctions against the OPEC-member, four sources said.
* Oil slipped from a five-month high above $71 a barrel on Tuesday as Russian comments signalling the possible easing of a supply-cutting deal with OPEC countered concern that violence in Libya could tighten global markets.