W. Africa Crude-Angolan cargoes sell, demand still weak

Published 01/09/2020, 17:02
Updated 01/09/2020, 17:06
© Reuters.

LONDON, Sept 1 (Reuters) - Offers for Nigerian and Angolan
crude remained steady as some West African cargoes traded,
though sale prices remained elusive and demand was still largely
weak.

* Taiwan's Formosa awarded a buy tender to a West African
crude grade, traders said, though no further details emerged.
* Angola's Sonangol was believed to have sold at least one
cargo from its October export programme - girassol for at least
dated Brent plus 50 cents.
* A private Chinese refiner purchased a cargo of Sangos from
Italy's ENI.
* Sonangol still had at least five spot cargoes left to sell
by Tuesday, with offers steady from last week.
* Potential buyers said offers for Angolan crude were still
largely too high, with heavy sweet Congolese Djeno and Chadian
Doba selling slowly and the latter being offered at a sizeable
discount to dated Brent.
* A glut of Nigerian crude on the market totalled around 40
cargoes as potential European buyers said they were still
holding off on purchases amid abundant storage and poor margins.

RELATED NEWS
* South Korean refiners have bought nearly 2 million barrels
of Omani crude from Chinese storage tanks in the past two
months, seldom seen trades created by low prices and high
inventories, according to trade sources and shipping data on
Refinitiv Eikon. * Nigerian conglomerate BUA Group has selected France's
Axens for a multibillion-dollar 200,000 barrel per day (bpd)
refinery and petrochemicals plant in Nigeria, the French company
said in a statement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.