West Africa Crude-Supply ample, but demand picking up

• There are still unsold May cargoes available, and at least 20 June-loading cargoes - in other words, a glut persists, one trader said.
• Still, there are signs of stronger buying interest from Chinese independent refiners and Indian refiners, another trader said.

LONDON: West African crude cargoes remained in ample supply on Thursday, although traders said there were signs of demand recovering after buying interest collapsed due to the coronavirus crisis.

NIGERIA

* Bonny Light and Qua Iboe were last offered at about dated Brent plus 75 cents, up from historic lows reached during the peak of government lockdowns to contain the coronavirus spread.

* There are still unsold May cargoes available, and at least 20 June-loading cargoes - in other words, a glut persists, one trader said.

ANGOLA

* State oil company Sonangol has sold out of June-loading cargoes. July loading programmes are due in the next few days.

* About seven to nine cargoes remain unsold, a trader said, a high number days ahead of the release of new programmes.

* Still, there are signs of stronger buying interest from Chinese independent refiners and Indian refiners, another trader said.