W. Africa Crude-Diffs slip as overhangs persist

Published 18/08/2020, 17:18
© Reuters.
TTEF
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LONDON, Aug 18 (Reuters) - Offers for Nigerian light sweet
crude eased somewhat while Angolan cargoes for export in
September and October remained numerous and prompted traders'
expectations of further price cuts.

* Despite rapid sales earlier this month, at least 10
cargoes of Angolan crude or a quarter of the September export
programme have yet to find buyers.
* China's massive build-up of crude oil inventories this
year slowed somewhat in July, but remained elevated by
historical standards as imports stayed near record levels.
* Reduced Chinese buying was the main factor in one of the
slowest trading in Angolan crude for several months.
* Sellers of light sweet Nigerian crude awaited the results
of a buy tender by Refidomsa of the Dominican Republic, which
closed earlier this week.
* Poor European margins have caused offers of Bonny Light
and Qua Iboe crude to slip further below dated Brent plus 50
cents, though potential buyers still deem this too expensive.

RELATED NEWS
* Qatar Petroleum has entered into an agreement with Angolan
national oil company Sonangol and Total TOTF.PA to acquire a
30% participating interest in Block 48 offshore Angola.
* Nigeria's oil ministry will present a long-awaited oil and
gas reform bill to the president in the coming days aimed at
boosting output and attracting foreign investment.

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