Sunday, September 26, 2021

    W. Africa Crude-Heavier oils stay strong on Chinese 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, May 29 (Reuters) – Heavier oils from Angola and Congo remained steady at high prices on Friday, while Nigerian oil fared lower amid a large glut of unsold cargoes.

    * A cargo of Congolese Djeno crude was being offered for dated Brent plus $1.50.
    * Angolan Girassol was being offered for $3.30, down about 20 cents from last week.
    * “Numbers are very strong, pushed from China,” one trader said.
    * With around 50 Nigerian cargoes yet to be sold for June and July, oil from Africa’s number two exporter continues to face a difficult path to market amid sluggish demand, especially from Europe.
    * Crude output by the Organization of the Petroleum Exporting Countries (OPEC) in May and April showed compliance to a production cut pact of 19% from Nigeria and 73% from Angola.

    * While vast cuts by producer countries and renewed fuel consumption from easing coronavirus lockdowns may soon rebalance oil supply and demand, some analysts and traders see a glut in storage keeping the market in contango for much longer.

    * China’s securities regulator has approved the launch of low-sulphur fuel oil (LSFO) futures, the Shanghai Futures Exchange (ShFE) said on Friday.

    (Reporting by Noah Browning; Editing by Shinjini Ganguli)

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