W. Africa Crude-Early offers disappoint potential customers

Published 23/01/2020, 17:58
© Reuters. W. Africa Crude-Early offers disappoint potential customers

LONDON, Jan 23 (Reuters) - Offers for Angolan and Nigerian

crude oil made around a week after March-loading programmes

emerged have yet to stoke buyer interest amid high freight

rates.

* Shell's force majeure remains in place over Bonny Light

crude oil, but the closure of only one of the two pipelines

transporting the grade means the action will only result in

delays, not an outright stoppage.

* The setback was set to bolster asking prices for other

light sweet grades, with Nigerian Qua Iboe being offered at

around dated Brent $3.00 a barrel.

* A slide in freight rates last week for Suezmax tankers to

Europe appears to have paused, making the high offers untenable

for potential buyers.

* Offers by Angola's state oil company Sonangol were roughly

in line with those from the beginning of the last trading cycle.

* Heavy sweet Dalia was offered at dated Brent plus $2.80 a

barrel, but one European trader said market structure and

margins mean only $2 or lower would attract interest.

RELATED NEWS

* Portugal's market watchdog launched inquiries into various

firms where Angolan billionaire Isabel dos Santos holds stakes,

it said on Thursday, after Angola's chief prosecutor said she

could face an international arrest warrant if she fails to

cooperate in a fraud investigation. * Global commodities trader Trafigura is in advanced talks

to buy more than 10% of an Angolan general's stake in its fuel

retail arm Puma Energy by the end of the year, sources familiar

with the matter said. * China's gasoline exports surged nearly a third in 2019,

data showed on Thursday, setting a seventh straight annual

record as a boom in new refineries chimed with a slump in

vehicle sales to produce a domestic fuel surplus ripe for

shipment elsewhere.

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.