W.Africa Crude-NNPC issues tender for bids on Cawthorne oil, market moves lower
LONDON, June 24 (Reuters) - West African crude differentials continued their move downwards on Wednesday, while Nigeria's national oil company NNPC issued a tender calling for bids on its new oil grade.
Nigeria's national oil company NNPC issued a tender inviting bids for 950,000 barrels of the light sweet Cawthorne grade to be loaded between July 10 and 11 on a free-on-board basis, as per a document seen by Reuters.
Meanwhile, the rest of the market was "getting hammered," one trader said.
An increase in crude availability in the market and worries around flows through the Strait of Hormuz receding were weighing on pricing, traders have said this week.
Equinor offered Angolan Pazflor for August 15 to 16 loading at minus $6.95 to dated Brent, lower than a withdrawn offer in the previous session of minus $6.85.
Also in the previous session in the Platts window, Vitol bought a cargo of Angolan Dalia from Equinor for August 15 to 16 loading at minus $6.75 to dated Brent, while Azerbaijan's SOCAR took Angolan Cabinda from Eni for minus $5.95 to dated Brent.
