October 8, 2019 / 4:39 PM / 13 days ago

W. Africa Crude-Angolan, Nigerian differentials continue to ebb

    LONDON, Oct 8 (Reuters) - Offering prices for Angolan and
Nigerian crude oil continued to ease from all-time highs on
Tuesday amid sluggish trading due to U.S. sanctions on a major
Chinese shipping fleet.

    * Asking prices for Nigerian Bonny Light and Qua Iboe were a
little above a premium of $2.50 compared with dated Brent, down
from selling prices nearer to $2.70 achieved late in September.
    * Still, sluggish crude oil prices have provided some
support in recent weeks to European gasoline refining margins
amid a post-summer seasonal lull.
    * Long-haul rates to Asia have risen sharply, prompting
refiners to shed some cargoes, especially hurting the trade from
Congo and Angola which is most geared toward the long-haul
voyage to East Asia. 
    * The assessed freight level from West Africa to China shot
up from $2.89 a barrel last Tuesday to $4.89 on Monday,
according to U.S.-based ship broker McQuilling.
    * The rates were nearly double Arabian Gulf rates of $2.85
but well short of those from the U.S. Gulf at $6.60.
    * China's Unipec and Angolan state oil company Sonangol
continued to seek to sell several cargoes of Angolan oil at
reduced prices compared with last week.
    * But price offerings for various grades, especially those
most suitable for refining into grades compliant with cleaner
marine shipping rules, continued to fluctuate by seller.
    * Trafigura and Vitol had offered a cargo of Nigerian
ranging from dated Brent plus $2.70 to $4.70.
    * Unipec had offered Angolan Dalia at $1.90 above dated
Brent but Sonangol offered Dalia at $2.80.
    * Turkey's Tupras issued a buy tender for Bonny Light,
Forcados, Jones Creek or other similar grades for Nov. 25 to
Dec. 10, scheduled to close on Tuesday.
    * India's IOC issued a new tender for west African crude
loading Nov. 24 to Dec. 3 closing later this week. 

 (Reporting by Noah Browning in London
Editing by Matthew Lewis)
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