W. Africa Crude-Nigerian oil suffers along with European margins

  • Sep 09, 2019
  • Reuters - Africa

LONDON, Sept 9 (Reuters) - Price offerings for Nigerian light sweet crude have eased in recent days, traders said, as refining margins for European gasoline finished the week sharply down.

* European refiners sought to offload gasoline tailored to summer specifications and cracks ended the week down on Friday.

* Asking prices for major grades have eased, traders said, with Bonny Light edging well below a premium of $3.00 compared to dated Brent.

* Traders said the differentials were still too high to justify purchases, as North Sea crude provided affordable competition.

* Traders noted a sharp uptick in exports of Nigerian oil to the U.S. West coast this year, by passing the U.S. shale boom, but warned that the favourable export window may have closed.

* Buyers continued to seek comparable Angolese grades for refining into low-suplhur fuels but said prices remained stubbornly high despite easing in recent days.

* Exxon was heard to be marketing a cargo of Kissanje at $2.50 above dated Brent, down by about 50 cents in recent days, and Gindungo for around $1.80, down about 20 cents.

* China’s state refineries had purchased at least three cargoes of Congolese Djeno, as interest continues to spike in heavier and sweeter oil.

* Indonesia’s Pertamina issued a buy tender for light crude cargoes, including West Africa, for Nov. 1-19 delivery. It closed on Friday and remains valid until Sept. 10.

* Indonesia’s Pertamina issued a second buy tender for condensate cargoes for Dec. 1-5 delivery cargoes. It closed on Friday and remains valid until Sept. 10.

* China’s crude oil imports gained about 3% in August from a month earlier, customs data showed on Sunday, buoyed by a recovery in refining margins desite a persistent surplus of oil products and tepid demand.

* S&P Global Platts SPGI.N said on Monday it will launch new price assessments for U.S. crude for Asian buyers from Oct. 1, as the United States exports more oil to the East.

Reporting by Noah Browning, editing by Deepa Babington