July 2, 2012 / 5:36 PM / 5 years ago

WAfrica Crude-Heavy Angola sold for Aug, light slow

LONDON, July 1 (Reuters) - Heavy Angolan crude has been sold
out for August although differentials were slightly lower than
July, pressured by slow demand, traders said on Monday.
    "Angolan cargoes are selling faster than Nigeria. But
compared with past months, it is slow because of refinery run
cuts in China," a trader said. 
    The overhang of July loading Nigerian crude has been reduced
to about 6-8 cargoes following a spate of sales last week, from
more than 10 cargoes before, traders said.
    Differentials on key Nigerian crude Qua Iboe hit the lowest
assessment in more than two years.
    * All the August cargoes for heavy sweet Dalia have been
sold, traders said. The offer prices were about 60 cent
discounts to dated Brent.
    * "Heavy sweet is doing okay," a trader said. "Still, buyers
have bargaining power."
    * Traders said Angola's state run oil firm Sonangol has sold
Nemba for August 8-9 loading. The buyer did not emerge and this
was not confirmed by Sonangol.
    * Hungo for August 6-7 has been sold to China.
    * Palanca for late August loading, which has been offered
for about two weeks, remained unsold, traders said.
    * A spate of July loading cargoes were sold on Friday,
including Brass River, traders said. 
    * Unsold July cargoes included Akpo.
    * Dealings of August loading cargoes were thin as traders
await for the results of outstanding Indian tenders.
    * Assessments for Qua Iboe varied. Buyers were based on as
lows as dated Brent plus $1 a barrel and sellers were pegged
around dated plus $1.40 a barrel.
    * The mid-point around dated plus $1.20 is the lowest since
May 2010, according to Reuters data. BFO-QUA.
    * Tenders from India's Bharara Petroleum Corp Ltd (BPCL) and
Bangalore Refinery and Petrochemicals Ltd (MRPL) to import
late-August loading sweet crude will close on Tuesday.

    * Africa's top oil producer Nigeria will award nearly half
of its $60 billion annual supply contracts to local companies, a
document showed, and cut supplies to major commodity traders
such as Glencore <Glen. l>.
    * The OPEC member has allocated about three-quarters of its
daily production or around 1.6 million barrels per day (bpd) via
term contracts to 50 companies including 21 Nigerian firms, a
document sent to winning firms showed. 
    For a database of oil supply and demand fundamentals
upstream and downstream, Reuters subscribers can click on:

 (Reporting by Ikuko Kurahone, editing by William Hardy)

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