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.


* Exxon Mobil Corp (NYSE: XOM ) XOM.N on Friday topped Wall Street quarterly earnings estimates with its first profit in five quarters, boosted by higher oil prices and strong chemicals margins. OPEC oil output has risen in April as higher supply from Iran countered involuntary cuts and agreed reductions by other members under a pact with allies, a Reuters survey found, adding to signs of a 2021 recovery in Tehran's exports.

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