W. Africa Crude-Teapots return to buy cheap barrels; programmes awaited

Published 17/02/2020, 18:34
© Reuters.  W. Africa Crude-Teapots return to buy cheap barrels; programmes awaited

LONDON, Feb 17 (Reuters) - Some Chinese buying resumed on

Monday but spot trade was otherwise lacklustre, with traders

waiting for April loading programmes.

* The April Angolan programme is expected to be out on

Tuesday, with Nigerian schedules at the end of the week.

* Several Chinese independent refineries, known as teapot

refineries, have snapped up crude supplies after prices slumped

in response to the coronavirus epidemic. * Shouguang Luqing Petrochemical and Wonfull bought cargoes

of West African crude including Djeno, Oguendjo, Kissanje and

Gindungo.

* Indonesia's Pertamina closed a buy tender for crude

cargoes for delivery May 1-3. Results are expected in the next

few days.

RELATED NEWS

* Top oil traders have rented millions of barrels of crude

storage in South Korea this month to hold excess supplies,

betting on a demand spike after China recovers from the effects

of the coronavirus outbreak, trading sources said.

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