W. Africa Crude-Spot trade stalls as Chinese demand fizzles

Published 04/02/2020, 19:07
Updated 04/02/2020, 19:09
© Reuters.  W. Africa Crude-Spot trade stalls as Chinese demand fizzles

LONDON, Feb 4 (Reuters) - The spot market was slow on

Tuesday as Chinese fuel demand dried up due to strict

coronavirus measures but this week's flip to a contango market

structure and cheap freight rates could entice other Asian

buyers, traders said.

* ExxonMobil was said to have won Indian HPCL's latest

tender for crude cargoes loading March 10-20.

* India's IOC issued a spot tender with results expected on

Wednesday for crude loading April 1-10.

* Asia's largest refiner, China's Sinopec Corp, instructed

its plants to cut throughput this month by about 600,000 barrels

per day as the rapidly spreading coronavirus hits fuel demand,

sources told Reuters.

* Unipec was offering two cargoes of Gindungo at dated Brent

flat, a Pazflor at plus $1.10, a Sangos at plus 50 cents and a

Saturno at minus 65 cents.

* Angola's state oil firm was offering a cargo of Girassol

at dated Brent plus $3.20 and a cargo of Dalia at dated Brent

plus $2.00.

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