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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.

TENDERS
* 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, Nigeriahttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.
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