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  • Equinor offered Angolan Pazflor for August 15 to 16 loading at minus $6.95 to dated Brent, lower than a withdrawn offer in the previous session of minus $6.85.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.


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