West Africa Crude-Chinese demand subdued, sellers stay on sidelines

Shoaib Ur Rehman December 29, 2018

LONDON: Spot activity was subdued due to the Christmas holiday period, particularly from Chinese refiners, while fresh offers were scarce.

* Traders said that Chinese buying had peaked during the previous two loading programmes – December and January – to prepare for the impact of US sanctions on Iran and ahead of the Chinese New Year in February.

* Asian refinery maintenance is due to start in March and peak later in the spring, which will put a dampener on demand going forward.

* Angola’s state oil firm Sonangol continued to offer two cargoes of Dalia at dated Brent minus 30 cents a barrel loading Feb. 17-18 and Feb. 23-24.

* Nigerian oil marketing firm MRS issued a sell tender for a cargo of Forcados loading Feb. 14-15 and a cargo of Amenam loading Feb. 10-11. The tender closes on Jan. 31.

Copyright Reuters, 2018
 

 

 

 

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