W. Africa Crude-Angolan prices extend fall, some Nigerian grade offers up

Published 10/03/2021, 18:17
Updated 10/03/2021, 18:18
© Reuters.

LONDON, March 10 (Reuters) - Offers for Angolan crude on
Wednesday continued their steady decline on poor Chinese demand,
while some Nigerian offers were relatively high.

* Angola's Sonangol pared down its offer for April loading
Mostarda crude to dated Brent minus 50 cents, down 20 cents from
earlier in the week.
* China's Unipec continued to re-offer for sale four of its
term-allocated Angolan cargoes: Mostarda for minus 30 cents,
Mondo at minus 40 cents, Gindungo at minus 10 cents and Dalia at
plus 40 cents.
* Nigerian Qua Iboe crude was offered at plus 40 cents as
Northwest European gasoline margins hover around multi-month
highs, though traders expected prices would be much lower.
* Sellers of sweet crude, especially Nigerian, are seeking
further price clarity from upcoming tenders as traders believed
Nigerian official selling prices and high offers were generally
out of step with lacklustre demand.

TENDERS
* India's IOC issued a new tender for mid-May and early-June
loading crude, including West African oil, set to expire on
Thursday.
* Indonesia's Pertamina issued a buy tender for mid-May
loading sweet crude also set to close on Thursday.

RELATED NEWS
* Crude oil in storage at major land and sea hubs rose last
week, analysts and ship trackers said, as a build-up in China
and the U.S. Gulf Coast reflected oil markets' bumpy road to
recovery. * Commodities and energy pricing agency S&P Global Platts
will defer changes to its core dated Brent oil benchmark after
industry pressure, it said on Wednesday.

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