December 6, 2019 / 5:33 PM / 2 months ago

W. Africa Crude-Buyers await Nigerian discounts as gasoline cracks slip

    LONDON, Dec 6 (Reuters) - Buyers said near-record Nigerian
price offers, despite slipping in recent days, were still too
high as gasoline refining margins have eased this week.
    * Sharp stock increases in gasoline and refined products
both in the United States and Northwest Europe appear to be
checking demand for light, sweet West African crude which has
rallied for a month.
    * After selling out of its December programme this week in
its fastest trading month of the year, Nigerian crude sales have
begun to slow.
    * With a cargo of Bonny Light selling for under dated Brent
plus $3.50 in recent days but comparable grades being offered
around tjat price and higher, potential buyers were skeptical.
    * One European trader said of the high offers: "I dont
understand who is finding interest at current prices."
    * Lawyers for the Nigerian government on Friday filed "new
and substantive" allegations of fraud with a British court in an
ongoing fight against an arbitration award now worth some $10
billion, a spokesman for the attorney general said.             
    * Asia's oil refiners are starting to see a surge in demand
for cleaner fuels that is pushing up processing profits for very
low sulphur fuel oil and gasoil just weeks before new rules take
effect for fuel products burned in ships.             

 (Reporting by Noah Browning, editing by Louise Heavens)
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