W. Africa Crude-Angolan trading perks up, mixed refining picture for Nigerian

Published 04/09/2020, 17:18
Updated 04/09/2020, 17:24
© Reuters.

LONDON, Sept 4 (Reuters) - Trading has perked up somewhat
for Angolan crude though at lacklustre prices as state oil
company Sonangol lowered offers.

* Sonangol was still offering about five cargoes for October
export, a day after lowering prices up to 30 cents for some.
* Its late-month loading cargo of Cabinda sold for just
above dated Brent, at least 50 cents below the offer price.
* The difference is roughly in line with other significant
disparities in offers versus sale prices for the few Angolan
spot cargoes which have traded this month, a trader said.
* Sonangol was still offer at least 2 cargoes of Dalia for
around dated Brent plus 15 cents.
* A little under a third of Angola's October programme, or
around 15 cargoes, remain for sale - a relatively average rate.
* Perenco sold a cargo of Congolese Djeno to a far Eastern
buyer at near dated Brent minus $1, as heavy sweet grades
continue to suffer from absent jet fuel demand.
* Nigerian cargoes continued to struggle to find buyers,
with at least 35 cargoes still unsold.
* European gasoline margins improved as crude futures were
headed for their first weekly loss on Friday, but a U.S.
government report this week showed domestic gasoline demand has
fallen again.

RELATED NEWS
* Global oil demand could fall by 9-10 million barrels per
day (bpd) this year due to impact of the COVID-19 pandemic,
Russian Energy Minister Alexander Novak said on Friday, adding
prices had room to recover further. * A London court has given Nigeria more time to appeal in a
$10 billion arbitration case, although Friday's Commercial Court
ruling did not specify the length of the extension in the
long-running dispute.

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