Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

W. Africa Crude-Angolan differentials fall amid weak demand

Published 02/03/2021, 18:34
Updated 02/03/2021, 18:36
© Reuters.

© Reuters.

LONDON, March 2 (Reuters) - Spot activity was slow on
Tuesday due to weak demand in Europe and Asia, while traders
awaited the results from an Indian tender.

* Unipec, the trading arm of China's Sinopec, was still
offering four cargoes of April loading Angolan crude but lowered
the offer levels from Friday.
* Unipec was offering Gindungo at dated Brent plus 10 cents,
Mondo at dated Brent minus 10 cents, Dalia at dated Brent plus
50 cents and Girassol at dated Brent plus $1.40.
* Unipec selling rather than buying is a sign of weak demand
in China owing to the recent sharp oil price rise.
* A sizeable overhang of March-loading Nigerian cargoes
lingered, while differentials for competing light grades such as
Azeri Light and CPC Blend in the Mediterranean have also crashed
over the last 10 days.
* India's IOC issued a buy tender for May 1-10 loading crude
with results expected on Thursday.

RELATED NEWS
* Abu Dhabi's ADNOC has told Asian oil buyers that it plans
to increase crude allocations in April, sources close to the
matter matter told Reuters ahead of an OPEC+ meeting expected to
agree to an easing of production cuts within the producer group.

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.