W. Africa Crude-Asian demand set to pick up on margins

Published 23/07/2019, 16:35
© Reuters.  W. Africa Crude-Asian demand set to pick up on margins

LONDON, July 23 (Reuters) - Asian refining margins improved
sharply on Tuesday, in a boon for Angolan oil, which has
suffered two consecutive months of poor sales to its main
customer China.

ANGOLA
* Asian refining margins for gasoil climbed to their highest
in eight months as some regional refinery issues and run cuts
tightened supplies. * The spike this week coincides with likely higher demand
for heavier Angolan crudes ahead of IMO 2020 regulations.
* Chinese buyers said purchases for August loading cargoes
had not picked up significantly from July, when freight rates,
backwardation and poor margins sapped demand.
* Preliminary tradeflow data from Refinitiv Eikon indicated
that Angolan exports to China for July were their lowest in many
years at 635,000 barrels per day.

NIGERIA
* A glut of Atlantic basin light sweet crude has dealt
Nigerian crude one of its most difficult months of the year,
with differentials progressively falling.
* End of July or early August loading cargoes of main grades
Bonny Light and Qua Iboe were being sold for lows of around $2
above dated Brent.
* Over 20 cargoes remained for August loading

RELATED NEWS
* Nigeria's state oil company has secured $3.15 billion from
Sterling Oil Exploration and Energy Production Company Limited
to develop oil mining licence 13, it said in a statement on
Twitter on Tuesday. * The United States has sanctioned Chinese state-run energy
company Zhuhai Zhenrong Co Ltd for allegedly violating
restrictions imposed on Iran's oil sector, U.S. Secretary of
State Mike Pompeo said in a speech on Monday.

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.