W. Africa Crude-Angolan sales muted, buyers hold out

Published 26/08/2020, 16:43
© Reuters.

LONDON, Aug 26 (Reuters) - Chinese demand remained elusive
as differentials for West African crude were steady or eased
slightly but could stand to benefit from looming storm in
southern United States.

* Traders said a move by China's Unipec to offer cargoes of
Angolan crude for sale was likely aimed at testing the market
and demonstrating scarce demand.
* The cargoes of Mostarda, Sangos and Plutonio were not
believed to have found a buyer, and China has yet to buy Angolan
crude during this trading cycle.
* Angolan state oil company Sonangol had yet to find a buyer
for its 9 cargoes of October-loading crude.
* Export schedules for Nigerian crude oil due to be shipped
in October continued to steadily emerge.
* Light sweet Nigerian crude continued to struggle to find
buyers but offers remained largely steady at just above dated
Brent flat.
* Traders expected storm disruption to the major U.S.
exporting Gulf coast region could boost sales of West African
crude, which have struggled against U.S. competition in China
and Europe.

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* Hurricane Laura strengthened as it churned over evacuated
oil-production platforms in the U.S. Gulf of Mexico and took aim
at the energy industry's refining hub along the Texas/Louisiana
coast. * U.S. crude oil stockpiles fell last week as refineries
hiked output, while gasoline stocks decreased and distillate
inventories rose, the Energy Information Administration said.

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