Saturday, September 25, 2021

    W. Africa Crude-Nigerian diffs robust on rare Asian demand

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    LONDON, Sept 11 – The outlook for Nigerian oil has
    brightened as interest from Asian refiners has risen on
    favourable margins and new marine fuel rules.

    * Nigerian oil seldom flows as far as East Asia but is
    receiving a boost as buyers seek alternatives to heavier oils
    from the Middle East and elsewhere in West Africa.
    * For some refineries, traders said, certain types of
    Nigerian oil are now sought for refining into low-sulphur fuel
    * More light sweet oil than usual has also been exported to
    East Asia as Chinese gasoline exports surge.
    * Barrels from the relatively new Egina offshore field were
    being offered around an all-time high of $5 above dated Brent.
    * Heavy and sweet, Egina has performed increasingly well as
    IMO 2020 shipping rules loom.
    * Nigerian Bonny Light was still being offered at a nearly
    $3 premium compared with dated Brent – relatively high
    considering especially steep competition from U.S. and North Sea
    grades this month.
    * Similar Angolan and Congolese grades are being marked
    down to find buyers, with remaining barrels discounted about
    10-20 cents daily.
    * Between 5 and 10 cargoes of Angolan oil remain available
    for export in October, as November programmes are expected early
    next week.

    * The validity for two tenders by Indonesia’s Pertamina for
    light crude cargoes as well as condensate for late November and
    early December delivery ended on Wednesday, though the winners
    did not immediately emerge.

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