W. Africa Crude-China buys cargoes, offers steady

  • Reuters
  • Commodities News
W. Africa Crude-China buys cargoes, offers steady
Credit: © Reuters.

LONDON, April 30 (Reuters) - China's state refinery Unipec purchased a couple of cargoes of West African crude while Angolan and Congolese offers remained relatively steady amid slow sales.

* Traders said Unipec purchased a cargo of Angolan medium sour Mostarda crude from Exxon Mobil , likely for below dated Brent minus $1, as well as a cargo of Djeno for below minus $1.50.

* Offers for June-loading Angolan cargoes have barely moved since Monday, with Sonangol still unable to sell its cargoes of Gimboa and Olombendo at minus 20 cents and plus $1 respectively.

* Sellers will be especially pinched as already muted Chinese buying takes a pause for most of next week for Labour day holidays.

* Perenco is running a sell tender for a cargo of Congolese Djeno, as around 10 cargoes of the grade for May and June loading remain unsold in especially slow trading.

* Indian demand for lighter West African crude has been dented by a coronavirus spike, and the spread between Brent- and Dubai-priced crudes are heavily favouring the latter at the expense of Brent-linked grades from West Africa.

* With European demand still stagnant, CPC Blend crude and lighter West African grades from Nigeria, Ghana and Equatorial Guinea are attracting little interest from buyers there.

* Loading delays continue to beset Nigeria's Bonny Light stream, as the country now plans to export in June some cargoes earmarked for sale as long ago as April.

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