W. Africa Crude-Trade muted after flat price jump, Angolan prog emerges

Published 16/09/2019, 17:10
© Reuters.  W. Africa Crude-Trade muted after flat price jump, Angolan prog emerges

LONDON, Sept 16 (Reuters) - Demand ground to a halt on

Monday after oil prices soared by nearly 20% in early trade

after attacks on Saudi Arabia's oil infrastructure at the

weekend.

* Front-month backwardation has also jumped by about 40

cents to $1.35 a barrel LCOc1-LCOc2 , making sending barrels to

Asia even less appealing.

* Angola will export 39 crude oil cargoes in November, up

from initial October programme of 38 cargoes, a preliminary

programme showed.

* Around 10 Angolan cargoes still remained from the October

programme.

* Around 35 cargoes of Nigerian October-loading were still

available, a substantial overhang with November schedules due

out soon.

* India's IOC issued a tender for west Africa crude loading

in early November. Tender results are expected on Thursday.

RELATED NEWS

* Saudi Aramco's full return to normal oil production

volumes "may take months", two sources briefed on the company's

operations said on Monday, after attacks on Saudi oil plants

knocked out more than half of the country's output. * Buyers of Saudi crude are being asked to take heavier

grades, several trading sources said. At least one tanker

currently loading will take Arab Heavy instead of Arab Light.

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