LONDON, April 12 (Reuters) - The West African crude oil
market remained under pressure from limited demand and ample
supplies, traders said on Monday. "The arb to the U.S. isn't very good and although there are
good margins on paper, there isn't much demand," said a trader
referring to light, sweet grades. "We've been due a correction
and we are seeing one," the trader said of heavier barrels.
NIGERIAN * Benchmark Qua Iboe BFO-QUA was last heard done at dated
plus $1.15. Vitol and Glencore were still thought to hold Qua
Iboe cargoes that could be re-offered.
ANGOLAN * Girassol: Total was reported to still be offering its May
30-31 cargo. A dealer said a tradeable number would be closer to
dated minus $1.00, rather than the dated minus 50 cents the
cargo was heard to be offered at last week. * Dalia: A Sonagol cargo was heard to have traded at as low
as dated minus $3.70, 20 cents weaker than indications on
Friday, although details remained sketchy.* Hungo was pegged at around dated minus $3.00 or lower, a
shade weaker than at the end of last week.
EQUATORIAL GUINEA * Unipec was heard to be offering a May 22-23 Zafiro at
dated minus 90 cents. A tradeable value was reckoned to be lower
than dated minus $1.00. INDIAN BUYING TENDERS * State-owned Indian Oil Corp. (IOC) on Friday issued a
second tender to buy sweet crude oil for loading in June, a
tender document seen by Reuters showed. Grade offers for the
tender must be submitted by April 13 with price offers due by
April 15. * Hindustan Petroleum Corp (HPCL) has issued a tender to buy
crude for June or May loading, traders said on Thursday. Part
one is on Monday, part two on Wednesday with offers valid until
Thursday.
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