The West African market is re-assessing differentials after the sharp drop in outright prices caused by the ceasefire between the U.S. and Iran, traders said, although there was little sign of a drop in values from record highs due to the tight market.
Indian Oil Corp had a tender to buy crude but this was cancelled this morning, a trader said.
"People are re-assessing on the buy and sell side," a trader said.
Angolan Cabinda was last valued at dated Brent plus $10.00 a barrel, the highest ever according to LSEG data. A trader on Wednesday said it was likely worth even more.
Two other Asian tenders are pending, including one from Indonesia's Pertamina and another from India's HPCL.