Indications or offer levels for Angolan crude oil cargoes loading in July show a mixed picture compared with June, traders said Tuesday.
Most offer or indications levels for Angolan crudes loading in July were either stable or higher except for the medium sweet crude Girassol.
Sources said Cabinda was indicated at Dated Brent plus $1.10/barrel for July compared with $1.20/b in June.
Cabinda had sold slowly for June but with more Asian refineries coming back from maintenance in July demand was expected to stay steady.
But Angolan heavy crudes like Dalia and Pazflor, which sold briskly last month, were offered at much higher levels.
Asian, European and Western demand for these heavy sweet grades has been very strong and as result indications increased, sources said.
Dalia was heard indicated at Dated Brent minus $0.80/b, compared with minus $1.10/b for June, they said.
Similarly, Pazflor was heard indicated at Dated Brent minus $0.60/b, compared with minus $0.90/b for June.
Girassol indications, however, were much lower. Girassol was heard indicated at Dated Brent plus $1.20/b for July compared to $2/b in June.
Sources said there was a big fall in Girassol offer levels as demand for this grade was particularly weak for May and June.
"I think the last Girassol [stem to trade] June 13-14 suffered and the market had to take that into account and adjust accordingly," said a trader.
"[Girassol] struggled to clear last month but that [the indication] does seem low," said a second trader.
July Kissanje cargoes were offered at Dated Brent minus $0.15/b compared with Dated Brent minus $0.30/b the previous month. July indications for Nemba were at Dated Brent minus $0.60/b.
