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W. Africa Crude-Buyers await Nigerian discounts as gasoline cracks slip

Published 06/12/2019, 18:29
Updated 06/12/2019, 18:36
© Reuters.  W. Africa Crude-Buyers await Nigerian discounts as gasoline cracks slip

LONDON, Dec 6 (Reuters) - Buyers said near-record Nigerian

price offers, despite slipping in recent days, were still too

high as gasoline refining margins have eased this week.

* Sharp stock increases in gasoline and refined products

both in the United States and Northwest Europe appear to be

checking demand for light, sweet West African crude which has

rallied for a month.

* After selling out of its December programme this week in

its fastest trading month of the year, Nigerian crude sales have

begun to slow.

* With a cargo of Bonny Light selling for under dated Brent

plus $3.50 in recent days but comparable grades being offered

around tjat price and higher, potential buyers were skeptical.

* One European trader said of the high offers: "I dont

understand who is finding interest at current prices."

RELATED NEWS

* Lawyers for the Nigerian government on Friday filed "new

and substantive" allegations of fraud with a British court in an

ongoing fight against an arbitration award now worth some $10

billion, a spokesman for the attorney general said. * Asia's oil refiners are starting to see a surge in demand

for cleaner fuels that is pushing up processing profits for very

low sulphur fuel oil and gasoil just weeks before new rules take

effect for fuel products burned in ships.

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