W. Africa Crude-Angolan market strong, some cargoes re-offered

LONDON, April 3 (Reuters) – Angolan crude differentials remained strong on Wednesday and some cargo owners were understood to be re-offering crude they had already bought, hoping to achieve higher prices.

ANGOLA

* About 10 cargoes for May loading are still available, a trader said, including some re-offered cargoes. “Re-offers are when people think the market is going to get stronger and take a position,” the trader said.

* The next month’s loading programmes won’t appear until around April 16.

NIGERIA

* About 10 cargoes of Nigerian crude remain to be sold for April-loading, a trader said, while May-loading cargoes are in more ample supply.

* Sellers of some May-loading Nigerian crude were heard to be more bullish in their asking prices. Qua Iboe for May was offered at dated Brent plus $2.20 a barrel, up 20 cents from an offer on Tuesday. One potential buyer saw the offer as somewhat ambitious.

* Robust demand in Asia, relatively affordable freight costs and favourable refining margins were heard to be supporting indications for West African grades.

TENDERS

* Dominican Republic’s refining firm Refidomsa is this week receiving bids to buy 475,000 barrels of Nigerian Bonny Light crude for early June delivery. Offers will be accepted through Wednesday.

* Indonesia’s Pertamina is running a tender for cargoes for May delivery, which is expected to close on Thursday. (Reporting by Alex Lawler Editing by Susan Fenton) ))

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