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W. Africa Crude-Demand slow but sellers stake hopes on tenders

Reuters2021-05-21

LONDON, May 20 (Reuters) - Sellers awaited results of a small handful of tenders as relatively slow Asian buying kept a lid on sales but traders anticipated a revival of demand as Western lockdowns ease.

* Indian Oil Corp closed tenders for end-June and early July-loading West African cargoes, after cancelling one of the three tenders it had originally sought. Results did not emerge.

* India's MPRL also closed a buy tender for West African crude loading in late June set to close on May 20.

* Thailand's IRPC also closed a tender for August arriving sweet crude.

* Indonesia's Pertamina issued a fresh buy tender after cancelling one last week, seeking three cargoes of sweet crude loading toward the end of June for which West African grades are eligible, set to close on Friday.

* Exports of Nigerian Brass River crude had been halted for a week due to a dispute with the local community which blocked the entry port of the terminal.

* Despite supply gluts and continuing loading delays affecting several crude streams, differentials for Nigerian crude remained steady on seller optimism that European gasoline cracks were improving and Indian demand would soon rebound.

* A narrowing Dubai-Brent spread could signal renewed competitiveness of West African oil in Asian markets compared to Mideast competitors, traders said.

RELATED NEWS

* China's imports from Saudi Arabia slowed in April but the kingdom retained its position as China's top supplier of crude oil for an eighth consecutive month, customs data showed on Thursday, while arrivals from the United Arab Emirates plunged.

* Indian Oil Corp, the country's top refiner, said on Thursday it would resume purchases of Iranian oil if Washington lifts sanctions against Tehran over its disputed nuclear programme.

(Reporting by Noah Browning; Editing by Kirsten Donovan)

((Noah.browning@thomsonreuters.com))

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