W. Africa Crude-Angolan June cargoes selling, differentials steady

Published 17/06/2020, 17:00
© Reuters.

LONDON, June 17 (Reuters) - Angola's new export schedules
are due to be released as a relatively high overhang of cargoes
from July still awaits sale.

* Between five and 10 cargoes of Angolan crude oil remain to
be sold in July.
* Differentials for Angolan and Nigerian crude largely held
steady, traders said, as a weeks-long rally in physical crudes
is levelling out due to poor refining margins.
* China, usually a strong buyer of heavier West African
crude, is providing little support as buying from independent
refiners has ebbed due to high prices and the lack of new import
quotas.
* A cargo of Girassol sold to a Far Eastern buyer at dated
Brent plus $2, while Equinor was offering a cargo of Dalia but
details on pricing did not immediately emerge.
* India's HPCL closed two spot tenders for 4 million barrels
of oil, including mostly West African grades, and traders still
awaited details on the winner.


RELATED NEWS
* The world faces an oil surplus in 2020 even as demand
gradually recovers and record supply cuts by producers help
rebalance the market, according to OPEC forecasts on Wednesday.
* U.S. crude stocks rose unexpectedly last week, while
gasoline and distillate inventories fell, the Energy Information
Administration said on Wednesday.

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