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W. Africa Crude-Angolan, Nigerian differentials continue to ebb

LONDON, Oct 8 (Reuters) – Offering prices for Angolan and
Nigerian crude oil continued to ease from all-time highs on
Tuesday amid sluggish trading due to U.S. sanctions on a major
Chinese shipping fleet.

* Asking prices for Nigerian Bonny Light and Qua Iboe were a
little above a premium of $2.50 compared with dated Brent, down
from selling prices nearer to $2.70 achieved late in September.
* Still, sluggish crude oil prices have provided some
support in recent weeks to European gasoline refining margins
amid a post-summer seasonal lull.
* Long-haul rates to Asia have risen sharply, prompting
refiners to shed some cargoes, especially hurting the trade from
Congo and Angola which is most geared toward the long-haul
voyage to East Asia.
* The assessed freight level from West Africa to China shot
up from $2.89 a barrel last Tuesday to $4.89 on Monday,
according to U.S.-based ship broker McQuilling.
* The rates were nearly double Arabian Gulf rates of $2.85
but well short of those from the U.S. Gulf at $6.60.
* China’s Unipec and Angolan state oil company Sonangol
continued to seek to sell several cargoes of Angolan oil at
reduced prices compared with last week.
* But price offerings for various grades, especially those
most suitable for refining into grades compliant with cleaner
marine shipping rules, continued to fluctuate by seller.
* Trafigura and Vitol had offered a cargo of Nigerian
ranging from dated Brent plus $2.70 to $4.70.
* Unipec had offered Angolan Dalia at $1.90 above dated
Brent but Sonangol offered Dalia at $2.80.

* Turkey’s Tupras issued a buy tender for Bonny Light,
Forcados, Jones Creek or other similar grades for Nov. 25 to
Dec. 10, scheduled to close on Tuesday.
* India’s IOC issued a new tender for west African crude
loading Nov. 24 to Dec. 3 closing later this week.

(Reporting by Noah Browning in London
Editing by Matthew Lewis)

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

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