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W. Africa Crude-Diffs steady as demand in Europe rises, wanes in China

Reuters · 01/06/2023 11:38
W. Africa Crude-Diffs steady as demand in Europe rises, wanes in China


- Prospects for West African crude sales to Europe improved this week due to favourable margins but withered for China as a COVID-19 wave rises there, leaving differentials largely steady.


* Vitol continued to seek a buyer for a small January-loading cargo of Nigerian Brass river crude.

* Indonesia's Pertamina closed a buy tender for crude arriving in early March, although offers were valid until early week.

* Covid cases in China put a damper on sales of Angolan, Congolese and Chadian crude there, traders said.

* Sales of February-loading Angolan crude have been relatively brisk, however, as state oil company Sonangol sold out of its cargoes earlier this week.

* Higher European gas cracks of buoyed sales of light sweet crude from the region.


RELATED NEWS

* Top crude exporter Saudi Arabia lowered prices for the flagship Arab light crude it sells to Asia to $1.80 a barrel above the Oman/Dubai average, the lowest since November 2021, Aramco said on Thursday.

* Hess Corp on Thursday said drilling results expected this month could add a seventh platform in Guyana, which would lift the oil producing 's output above the 1.2 million barrels of oil equivalent per day planned.


(Reporting by Noah Browning)

((Noah.browning@thomsonreuters.com))

 WEST AFRICA CRUDE OIL DIFFERENTIALS AND OUTRIGHT PRICES:
0#BFO-DIF 0#C-E
Bonny Light BFO-BONBON-E
Cabinda BFO-CABCAB-E
Forcados BFO-FOCFOC-E
Qua Iboe BFO-QUAQUA-E CRUDE ARBITRAGE STORIES O/CRUDEARB CRUDE OIL TRADES CRU/T NORTH SEA CRUDE REPORT CRU/E MEDITERRANEAN CRUDE CRU/MED 7 W Africa Asia crude exports, monthly O/WAFRICA1 New African oilfields AFR/NEW ENERGY speed guide CRUDE/1 crude speed guide NYMEX crude 0#CL: ICE crude 0#LCO:OPEC NSEA North Sea CRU crude oil PROD oil products DRV derivatives PRO/E European products O/L Latest ICE O/N Latest NYMEX OILOIL NYMOIL, IPEOIL, OILSPD, OILARB CRDWLDPRODEUR))