🚀 ProPicks AI Hits +34.9% Return!Read Now

W. Africa Crude-Market hits brief price impasse

Published 30/11/2020, 18:05
© Reuters.
0981
-

LONDON, Nov 30 (Reuters) - Spot activity was slow on Monday
following a flurry of deals in the last few weeks, particularly
for Angolan crude, after offer levels surpassed buyer interest.

* Weak freight rates, a narrower Dubai/Brent spread were
also weighing on Asian demand.
* Exxon Mobil was still offering a cargo of Angolan CLOV at
dated Brent plus $2.40. Equinor was still said to be offering a
cargo of Dalia.
* Oando sold a cargo of Nigerian Bonny light to Chevron
loading Jan. 17-18 at the end of last week, trading sources
said.
* January-loading Bonny Light was being offered at the
official selling price plus 80 cents. Exxon was offering Erha at
dated Brent plus $1.50.
* Nigerian Brass River crude exports were still under force
majeure, a trading source familiar with the matter said.
* South Africa's Sasol issued a buy tender for crude for
early February arrival. The tender closes mid-week.
* Perenco and SNH were offering two cargoes of Cameroonian
Kole crude via a tender closing this week.

RELATED NEWS
* OPEC members have reached a consensus on the need to
extend existing oil production cuts for three months from
January and will work on convincing their allies in the wider
OPEC+ group to support such a move, Algeria's minister said on
Monday. * The Trump administration is poised to add China's top
chipmaker SMIC 0981.HK and national offshore oil and gas
producer CNOOC to a blacklist of alleged Chinese military
companies, according to a document and sources, curbing their
access to U.S. investors and escalating tensions with Beijing
weeks before President-elect Joe Biden takes office.

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.