Angolan crude loadings are expected to rise in March while differentials continued to find support on Thursday from new U.S. sanctions on Russia driving demand for alternative grades.
Angola plans to load 32 crude oil cargoes in March, a trade source said, citing preliminary loading schedules. This compares with 28 cargoes planned in the February programme.
The February loading programme has all but sold out, with just a handful of cargoes on offer by resellers, a source with knowledge of the matter said on Tuesday, after demand rose.
Sellers have hiked offer levels in recent sessions, two traders said, but little has traded with buyers remaining reluctant to pay up given higher prompt prices on the dated Brent forward curve, and higher freight rates.
Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions targeting Russian producers and tankers.
India’s IOC is tendering to buy crude cargoes for Feb. 19-28 arrival and another for March 1-10, a trading source said, although it was not clear if these tenders amounted to higher or baseload demand. The tender closes on Thursday.
Source: Reuters
