W. Africa Crude-Sonangol offers creep down

Published 01/10/2020, 17:17
Updated 01/10/2020, 17:18
© Reuters.

LONDON, Oct 1 (Reuters) - Angola's state oil company
Sonangol lowered offers for its three remaining spot cargoes on
Thursday, while refinery maintenance heavily weighed down West
African sales to Europe.

* Sonangol continued to offer three cargoes for sale in
November, as most of the other spot cargoes for the month
remained unsold due to weak East Asian demand.
* It was offering a cargo of Girassol for dated Brent plus
95 cents, Hungo for minus 70 cents and Mostarda for minus 50
cents - the first two down at least 20 cents from offers the
previous day.
* Refinery capacity outages were set to reach peaks this
month due to seasonal maintenance and ease off slightly in
November.
* "Margins are still under pressure and maintenance is at
its peak," one European refiner said.
* Cargoes for Congo's new programme of Djeno crude were on
offer for dated Brent minus 30 cents, still slightly higher than
sale prices last month.

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(bpd) as the OPEC member ramps up exports following the easing
of a blockade by eastern forces, a Libyan oil source told
Reuters on Thursday. * Oil prices fell more than 5% on Thursday as rising
coronavirus cases around the world dampened the demand outlook,
and a rise in OPEC output last month also pressured prices.

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