W. Africa Crude Angolan term cargoes finalised, offers remain high
-
Loading... - Birju Saibou
- 17 Aug 2022
- 68 Views
- 0 Like
- 0 Comment
Africa's second-biggest oil exporter Angola finalised term allocations of crude cargoes loading in March while tight oil markets kept offers high.
* Chinese refiners Sinochem and Unipec will receive nine and two cargoes respectively from Sonangol.
* The Angolan state refiner sold out of its two spot cargoes of Girassol earlier in the trading cycle.
* Demand remains strong and offers have barely waned in two weeks across several export regions, with North Sea crude grade Ekofisk bid at its highest in more than a decade.
* Steepening backwardation has yet to dent differentials significantly because the physical market remains undersupplied.
* European buyers who helped to prop up a price rally, especially in Nigerian crude, could soon spurn oil from the region because of the market structure and freight rates, traders said. Read More...
