February 26, 2020 / 4:59 PM / 3 months ago

W. Africa Crude-Angolan cargoes struggle to find buyer interest

    LONDON, Feb 26 (Reuters) - There was little buyer interest
for April loading Angolan cargoes as Chinese demand remained
elusive though other southeast Asian markets offered some hope.
    
    * Angola's Sonangol had yet to find any buyers for four
April-loading cargoes, which it was offering at a varying range
of prices compared to differentials in recent months.
    * Dalia crude oil was offered at dated Brent plus $1.05,
among the lowest offers in over a year
    * Cabinda was offered for the relatively high level of
$3.50, Girassol at plus $3 and Sangos at plus 40 cents.
    * Amid the coronavirus outbreak, demand in China remains
flat but traders saw an uptick in buying among other Southeast
Asian countries.
    * Taiwan's CPC reportedly snapped up three Angolan cargoes
at around 50 cents below current offer levels and Thailand's PTT
bought a cargo of Nigerian Qua Iboe via a tender.   
    * The trades were aided by plunging freight rates, as
charter rates in general have fallen more than 80% as the
coronavirus outbreak hits major economies.            
    * Despite little buying appetite for its domestic market,
China's Unipec snapped up the lion's share of gasoil cargoes
traded in Singapore this month likely for trade in markets as
far afield as Europe.             
    
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Liza well, where an Exxon Mobil Corp-led consortium began
producing oil in December.             
    * Eastern Libya's foreign minister said on Wednesday that
his government, parallel to the internationally recognised
administration in Tripoli, could not force eastern tribesmen to
lift an oil blockade that he said was a "popular decision".
             

 (Reporting by Noah Browning;
Editing by Alexander Smith)
  
 
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