LONDON: Reuters shipping data showed Unipec booked four VLCCs in the last two days to ship West African crude to China in late July, bringing to 19 the total of supertankers set to sail to China next month.
A narrower Brent/WTI spread in theory has created an arbitrage opportunity to the United States. But with local grades such as Louisana Light Sweet weakening sharply in the last couple of weeks, the appeal of Atlantic Basin crudes is limited, despite lower freight rates, a trader said.
Force majeure was still in place on Nigeria's Brass River, Bonny Light and Forcados exports.
Nigeria's distributable revenues to the three tiers of government rose in May to 305 billion naira ($1.07 billion), up from 281.5 billion in April, boosted by higher oil prices and tax revenues, the finance minister said on Wednesday.
Angola is running short of foreign reserves to pay for imports because its national oil firm has not contributed to state coffers since January, President Jose Eduardo dos Santos said.
ANGOLA
Cargoes of Pazflor were reportedly clearing quickly, leaving differentials around $2.90 a barrel above dated Brent, in stark contrast to Dalia, where plentiful supply was subduing diffs, one trader said.
Sonangol had been offering an Aug. 7-8 cargo of Dalia at dated Brent minus $3.20.
NIGERIA
Qua Iboe was quoted at a premium of $2.10 to dated Brent for August loading, but traders said once again, this level was likely too high to attract any takers. Reuters data shows the last time this grade traded above a $2 premium was in 2014.
One trader said on Wednesday that around 15 July loading cargoes were still available.
The August programmes for Bonga and Brass River have still not emerged, a trader said, along with the schedules for other smaller grades.
TENDERS
Indonesia's Pertamina issued a term tender for September to December. It closes this week. * Indonesia's PTT also issued a buy tender for sweet crude grades that closes on Friday.
Traders were also working on tenders from India's BPCL.
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