W. Africa Crude-Asking prices for Angolan slip, demand still robust

Published 02/12/2019, 17:57
Updated 02/12/2019, 18:01
© Reuters.  W. Africa Crude-Asking prices for Angolan slip, demand still robust

LONDON, Dec 2 (Reuters) - High price expectations by sellers

of Angolan crude oil appeared to cool somewhat as some grades of

January loading cargoes slipped on Monday.

* Sonangol's cargo of heavy, sweet Dalia crude oil, offered

at a premium of $3.50 compared to dated Brent last week, was

marked down to $3.00 on Monday.

* Heavy, sweet crude oil valued for its easy refining into

low sulphur shipping fuels mandated by new global rules remain

in strong demand in East Asian markets.

* Refiners appear set to provide products to meet the new

requirement, and traders viewed the near record offers for some

ideal crude varieties from Angola and Australia as too high.

* Firm middle distillate refining margins in Asia hovered

around two-week highs and helped buoy demand.

* Lighter varieties of West African crude continued a rally

maintained for several weeks on comparable North Sea and

Mediterranean price spikes.

* Nigerian Bonny Light crude was being offered at $3.50

compared to dated Brent, slightly below highs in recent weeks.

TENDERS

* Indonesia's Pertamina issued a buy tender for Feb. 8-12

and Feb. 13-22 delivery closing on Monday and valid until Dec.

RELATED NEWS

* S&P Global Platts said that from Monday it would start

publishing daily assessments for 0.5% marine fuel bunker in more

than a dozen ports. L8N28C28Q

* Nigeria is committed to full implementation of agreements

among OPEC and non-OPEC members, its minister of state for

petroleum said on Sunday, ahead of an OPEC meeting in Vienna.

* Indonesia is considering letting energy companies stick

with the "cost recovery" system for oil and gas production

sharing contracts, the energy minister said on Monday, after the

government decided to adopt a new scheme in 2017.

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