W. Africa Crude-Sagging demand keeps differentials weak

LONDON, June 30 (Reuters) - Nigerian crude oil cargoes
failed to attract much interest from buyers on Monday, traders
said, with expectations that differentials will fall further
keeping activity thin. 
    There were still around seven cargoes due to load in August
available on top of more than 50 for July, a trader said. 
    Slack demand from European refiners that have cut runs due
to lower margins has hit demand, while sharper drops in
differentials in crudes from other regions have limited demand
from Asia and elsewhere. 
    "The weakness is fundamental in nature, with low refinery
runs on the back of weak margins having severely impacted
demand," said JBC Energy in a note. 
    "Crude availability is also higher due to fewer imports into
North America, with Canada now following in the U.S.' footsteps
and using light tight oil imported from the U.S. Gulf to crowd
out imports of more expensive Dated Brent-related crudes."
    West African crude oil exports to Asia are set to fall to
1.68 million barrels per day (bpd) in July from 1.93 million bpd
in June, a Reuters survey of traders found on Monday.
 
 
    
    NIGERIA
    * Qua Iboe was valued at around dated Brent plus $1.80 by
traders. About nine of the 13 cargoes for August export remained
available.
    * Around seven July cargoes out of 63 planned are still
available on top of the bulk of the 65 August cargoes.
      
    ANGOLA
    * Dalia: This grade has been most in demand of all Angolan
crudes, a trader said, with all cargoes for August finding
buyers. It was valued at around dated minus $2.80.
    * Cabinda: Chevron has sold its Aug. 20-21 cargo, a trader
said. The cargo had been last offered at dated minus $1.00.
    * Girassol: Statoil's cargo was moved into CPC's tender, a
trader said. 
        
    ASIAN TENDERS
    * The second parts of an MRPL and a BPCL tender are due on
Monday, with results for both expected on Tuesday or Wednesday,
a trader said.
    * A CPC tender is also expected this week. 

 (Reporting by Simon Falush; editing by Tom Pfeiffer