West Africa Crude: April cargoes clear, but fresh Qua loading delays


Several cargoes from April loading programmes cleared out on Friday, but trading was otherwise limited while buyers held on for lower differentials to dated Brent.


* A late April cargo of CLOV traded but further details were not available.

* Chinese buyers, a key outlet for Angolan crude, were slow to pick up fresh cargoes, limiting the sales of medium and heavy grades, traders said.

* Some were expecting lower differentials.

* State-owned Sonangol made its last formal offers on Wednesday, lowering the offer to Dalia to a 20 cent discount, from a 10 cent discount, offering Sangos at minus 40 cents, Saturno at minus 30 cents. It was also offering Hungo at a 10 cent premium.


* Vitol sold cargoes of Escravos and Qua Iboe for end-April loading.

* ExxonMobil issued yet another revised loading plan for Qua Iboe, at least its fourth revision this year.

* Interest in light grades such as Akpo and Agbami was picking up as gasoline and naphtha cracks improved. Traders said PetroIneos bought a cargo of Akpo, but the differential was not immediately clear.

* Grades such as Bonny Light, Qua Iboe and Escravos were offered at premiums of more than $1 per barrel.


* Indonesia’s Pertamina issued a tender to buy crude for June delivery, including Bonny Light, Escravos Qua lboe or Forcados. The tender closes on April 4.

* Trader AOT won a tender to buy Congo’s Djeno, but was already reoffering it to other buyers.

* There is also a tender running to sell Cameroonian Kole.


* Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said.

* Oil analysts have grown more unsure that OPEC’s supply cut will be enough to offset the increase in U.S. production and do not believe prices will reach $60 a barrel until early next year, according to a Reuters poll on Friday.