London -- Spot trade was slim on Tuesday, though
the last cargo of Cabinda traded at the end of
last week thanks to falling Brent futures.
* Spot activity has picked up in other regions
as well over the past few days thanks to cheaper
outright prices despite more refinery shutdowns.
* Around 8-10 unsold Angolan crude cargoes
remained from the May programme, a sharp drop-off
from early last week as buyers
capitalised on record low prices.
* Term allocations for the new June export
schedule had yet to emerge.
* Eni sold a cargo of Angolan Cabinda after offering at dated Brent minus
$6, traders said, specifying that BP was the buyer, though this could not be
* At least three dozen cargoes of April and May-loading Nigerian crude unlikely
to be absorbed by the refining systems of oil majors were still seeking buyers
ahead of the imminent arrival of June programmes.
* The day after U.S. crude futures crashed into negative territory for the
first time, Texas oil and gas regulators on Tuesday declined to force producers
to curtail oil output for the first time since 1972.
* A number of OPEC ministers will hold a conference call on Tuesday to discuss
oil market developments and means of implementing agreed supply cuts immediately
rather than starting on May 1, an OPEC source told Reuters.
* Portugal's Galp Energia will suspend output as its largest oil refinery at
Sines for a month from May 4 after the drastic coronavirus-related drop in demand
has left the company out of storage space, a Galp spokesman said on Tuesday.
West Africa Crude – Nigeria, Angolan diffs jump on cheap freight