November 13, 2019 / 3:31 PM / a month ago

W. Africa Crude-Nigerian light sweet crude offered high but cracks ease

    LONDON, Nov 13 (Reuters) - Differentials for mostly Angolan
heavy sweet and Nigerian light sweet crude oil stayed high on
Wednesday, though traders said the latter were more difficult to
justify amid sluggish refining margins in Europe.
    
    * Light, sweet Nigerian Qua Iboe and Bonny Light crude were
being offered at a premium to dated Brent of around $3.50, the
highest since early 2014.
    * But a rally in European gasoline cracks peaked last
Wednesday and fell to three-week low as export activity slowed.
    * Freight rates for a Suezmax from the Bonny Light terminal
to Rotterdam also edged up slightly, the first rise in nearly a
month of steady easing.
    * Traders said the factors may act to slow sales and set up
a showdown between buyers and sellers over the high rates.
    * About five Angolan cargoes remain from the December
programme on strong buying carrying over from last week.
    * Despite strong demand for heavier, sweeter crude oil ahead
of looming shipping rules, Angola was headed for another modest
overhang with January programmes were expected later this week.
    * Heavy sweet Angolan crude was being offered at around
dated Brent plus $2.50.
    * Indian Oil Corp issued a tender to buy west African crude
loading Jan. 5-14. The tender closes on Thursday. 
    
    RELATED NEWS
    *  Nigeria is producing 1.6 million-1.7 million barrels of
crude oil per day, the chief operating officer of Nigeria's
National Petroleum Corporation said on Wednesday, adding that
the country will continue to comply with OPEC cuts.             
    * Eni and Angolan government sign and MoU and other
agreements.             
        

 (Reporting by Noah Browning; Editing by David Clarke)
  
 
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