W. Africa Crude-Angolan differentials spike on Asian margins

Published 30/07/2019, 17:09
© Reuters.  W. Africa Crude-Angolan differentials spike on Asian margins

LONDON, July 30 (Reuters) - Price offerings for some grades
of Angolan crude oil have risen sharply in recent days as Asian
demand has picked up amid improved margins.

ANGOLA
* Angolan oil sales are bouncing back from a dismal summer
as Asian refining margins have recovered and demand is rising
ahead of a major change in marine fuel standards in 2020.
* About 15 crude cargoes remain for September-loading.
* Girassol was heard to have been offered for as much as a
premium of $3.00 compared to dated Brent and Dalia at almost
$2.70 -- up nearly a dollar from this time last month.
* Demand for cargoes arriving in East Asia for October are
up following increased Chinese oil product export quotas.

NIGERIA
* Up to 20 cargoes remain for August loading amid a glut of
light sweet crude from the United States and the North Sea.
* Differentials for August loading Qua Iboe crude were at
about $2.00 or less, among the lowest values yet in 2019.

RELATED NEWS
* Iranian oil exports have dropped in July to as low as
100,000 barrels per day (bpd) due to sanctions and rising
tension with the United States and Britain, according to an
industry source and tanker data, deepening global supply losses.
* Equipment that will process crude oil for Nigeria's
Dangote refinery set sail on Monday from China, oil company
Sinopec said in a tweet.

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.