W. Africa Crude-Trading muted as market focuses on flurry of tenders

Published 08/09/2020, 17:08
Updated 08/09/2020, 17:12
© Reuters.

LONDON, Sept 8 (Reuters) - Angola's Sonangol sought to sell
its last remaining spot cargoes as large volumes of Nigerian
crude still sought buyers amid several buy tenders set to close
this week.

* State oil company Sonangol was down to its last three spot
cargoes, and continued to offer a cargo of Cabinda and two of
Dalia.
* Indonesia's Pertamina is running a tender for November and
December-exporting crude, continuing a pattern of frequent
tendering for distant arrival.
* India's IOC issued a buy tender for delivery in the first
10 days of November.
* Uruguay's Ancap is also running a buy tender. All the
tenders are set to expire on Wednesday.
* Traders noted that contango market structure and low
freight rates were encouraging buyers and trading houses to buy
crude into floating storage, though no newly-bought West African
oil has yet been destined for storage.
* Nigerian cargoes were selling more slowly than Angolan and
other heavy, sweet West African grades, with even cargoes
scheduled for export in August yet to find buyers.

RELATED NEWS
* Angola's state auditor said some government-owned
companies were a net drain on the finances of sub-Saharan
Africa's third-biggest economy while oil giant Sonangol failed
to report its results, state news agency Angop said.
* Europe, one of the world's biggest diesel consumers, faces
a major glut which combined with weak demand is weighing heavily
on the ability of the region's refineries to keep running.

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