W. Africa Crude-Few cargoes trade, Sonangol makes spot sale

Published 30/09/2020, 16:54
© Reuters.

LONDON, Sept 30 (Reuters) - Sales remained muted as
differentials ebbed in the face of weak margins and abundant
supplies in Europe and East Asia.

* Cheap supplies of light, sweet U.S. crude in Europe and
lacklustre margins in China kept Nigerian and Angolan sales slow
as differentials remained largely steady and low.
* Angolan state oil company Sonangol sold a cargo of CLOV
for a little more than dated Brent, though further details did
not emerge.
* Sonangol has been offering three more spot cargoes, with
Girassol offered at more than a dollar above dated Brent, Hungo
at dated Brent minus 50 cents and Mostarda at minus 20 cents.
* Traders expressed scepticism at the prices given lower
levels the previous month.
* November loadings of Congolese Djeno were down to seven
cargoes, one fewer than October, after several sales to China's
state refiner at very low prices around 50 cents below dated
Brent.
* Traders awaited results of a buy tender from Indonesia's
Pertamina, which closed on Tuesday.

RELATED NEWS
* OPEC oil output rose for a third month in September, a
Reuters survey found, as a restart of some Libyan installations
and higher Iranian exports offset strong adherence by other
members to an OPEC-led supply cut deal. * Nearly half of Nigerians have no stable power supply, yet
government attempts to harness gas belching from its oilfields
to generate urgently needed electricity or revenue have stalled.

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