W. Africa Crude-Chinese crude stocks build as demand stays low

Published 04/03/2021, 17:48
Updated 04/03/2021, 17:54
© Reuters.

LONDON, March 4 (Reuters) - Offers for Angolan crude slipped
further on slow Chinese demand while offers for some Nigerian
grades received a boost amid loading issues.

* Crude stocks in China near major refining centers actually
increased in recent weeks as refineries there go into
maintenance, according to data intelligence firm Kpler.
* But stocks continued to fall in Singapore as market
backwardation encourages draws on storage but not new purchases
from farther away.
* Angolan state oil company Sonangol reduced its offer for a
cargo of Mostarda crude by 20 cents to dated Brent minus 10
cents.
* Unipec was last offering for re-sale four of its term
allocated cargoes of Angolan crude, Gindungo, Mondo, Dalia, and
Girassol - the first two at around dated Brent flat.
* Offers for Nigerian light sweet crude grades Bonny Light
and Qua Iboe were raised upward above dated Brent flat.
* Traders said loading issues leading to some delays on the
Bonny Light stream encouraged the price rise.
* Indonesia's Pertamina issued a buy tender for crude oil
for May arrival valid until Friday.
* India's IOC closed a buy tender for May 1-10 loading
crude, but results did not immediately emerge.

RELATED NEWS
* A four-month rally in the oil futures price from below $40
a barrel to above $60 now is out of step with demand, analysts
and traders say, with physical sales only expected to match
supply later in 2021. * Saudi Arabia is considering extending its voluntary oil
cuts of 1 million barrels per day by one month into April, an
OPEC+ source told Reuters on Thursday.

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