August 9, 2019 / 1:56 PM / a month ago

W. Africa Crude-Angolan September cargoes clear

LONDON, Aug 9 (Reuters) - The last of Angola’s 44 cargoes scheduled for export in September had just about cleared by Friday, traders said, as the relatively heavy crude benefited from strong European and Asian distillate margins.

ANGOLA

* Angolan crude sold the most quickly and at the highest differentials in about three months as Chinese refiners completed summer maintenance and margins for jet fuel in Asia picked up.

* Other relatively heavy West African grades, such as Congolese Djeno and Chadian Doba, were also heard to have cleared.

* Traders said higher price offerings for the last several cargoes encountered resistance from buyers, prompting markdowns.

* A cargo of Girassol offered at a premium of $3 to dated Brent is likely to have sold at a premium of less than $2.70 while a cargo of Dalia was offered at a $2.70 premium that was discounted to less than $2.50.

* Preliminary programmes for October-loading cargoes are expected to emerge late next week.

NIGERIA

* Nigerian oil registered its slowest sales of the year in August as U.S. exports of competing light, sweet grades flooded traditional markets in Europe and Asia.

* Almost all cargoes for August had cleared by Friday, leaving at least a couple of dozen cargoes for September.

* The last prompt-loading cargoes for Qua Iboe and Bonny Light have sold in recent days for a premium of a little less than $2 to dated Brent, an improvement from offers of a little over $1.50 the previous week.

RELATED NEWS

* Mounting signs of an economic slowdown and ratcheting up of the U.S.-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday.

* Libya is gradually restarting production at the El Sharara oilfield, the country’s largest, two field engineers and an oil industry source said on Thursday, after unknown gunmen had blocked a pipeline.

Reporting by Noah Browning Editing by David Goodman

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