W. Africa Crude-Heavy sweet West African grades sell as VLSFO demand seen high

Published 13/12/2019, 17:36
© Reuters.  W. Africa Crude-Heavy sweet West African grades sell as VLSFO demand seen high

LONDON, Dec 13 (Reuters) - Congolese and some Angolan heavy

sweet grades were selling more rapidly on Friday ahead of

February export programmes due early next week, as refiners

sought suitable crude varieties for refining into very low

sulphur fuel oil (VLSFO).

* Spain's Repsol bought two cargoes of Congolese Djeno,

loading Jan. 3-4 and 11-12, as well as Angolan Dalia for Jan.

16-17.

* After a lull in middle distillate refining margins, buyers

are scaling up their interest in oil types that best produce

cleaner shipping fuel ahead of new Jan. 1 global rules.

* Portugal's Galp had been offering two cargoes of Angolan

CLOV, for export on Jan. 5-6 and 23-24, before moving to absorb

them into its own refining system.

* Chevron continues to offer a cargo of Angolan Cabinda for

dated Brent plus $3.20.

* Around seven Angolan cargoes have yet to be sold from the

January programme, in a slight improvement in the pace of

selling compared with last month as export schedules are due to

emerge for February on Monday.

* Chinese buying was again relatively slow for January and

trading was weighed in recent days by an uptick in freight

rates, but European demand remains relatively robust.

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China and India, which are large and fast-growing consumers.

* Oil rose on Friday to its highest in nearly three months

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dispute and a decisive general election result in Britain.

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