W. Africa Crude-Some July Angolan clears in spot activity

LONDON, June 14 (Reuters) – Several cargoes of Angolan crude traded in the spot market on Friday after differentials fell sufficiently to compensate for the near $1 a barrel backwardation in the front month of the Brent futures curve.

* About 8 cargoes of Angolan crude were still available from the July programme.

* Two cargoes of Nemba changed hands at steep discounts. Unipec bought a cargo from Chevron and Total bought a cargo from Eni. Price details did not immediately emerge.

* In the previous day’s window, Total had offered Nemba on different dates at dated Brent minus 70 cents and Gindungo at dated Brent flat. Unipec has been offering Mostarda all week on Thursday lowered its offer to dated Brent minus 80 cents.

* About 30 cargoes of Nigerian crude were still available in July.

* Several cargoes of Congolese Djeno were also still available.

TENDERS

* India’s IOC awarded its latest tender for mid-August cargoes to Total and Chevron.

* Uruguay’s ANCAP issued a tender closing June 18 for end-September delivery.

RELATED NEWS

* The Paris-based International Energy Agency, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd) due to worsening prospects for world trade.

Reporting by Noah Browning; editing by David Evans and
Alexander Smith

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