W. Africa Crude-Angolan diffs continue to slide

PUBLISHED: Thu, 01 Apr 2021 12:18:18 GMT
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LONDON, April 1 (Reuters) – Differentials for Angolan crude continued to fall, with sellers increasingly offering cargoes in the Platts window to market their barrels to as wide an audience as possible.

* Angolan oil has been depressed for the past month as big buyer China has ramped up purchases of Iranian barrels and is chugging through cheaper oil in storage.

* Europe is not mopping up the excess, owing to strict lockdowns to contain a third wave of COVID-19 infections.

* China’s Unipec offered a cargo of Hungo in the window down to dated Brent minus $1.20, loading May 1-2.

* Unipec offered a cargo of Saturno down to dated Brent minus $1.70, loading May 4-5.

* State company Sonangol reduced its offer on a cargo of Saturno to dated Brent minus $1.50, loading May 18. The level is down 50 cents from the start of the week.

* Equinor and Exxon offered Angolan crude earlier in the week in the Platts window but had little success.

* South Africa’s Sasol issued a buy tender, seeking crude for May 24-25 delivery, closing April 6.

* India’s IOC had a tender for West African crude loading May 27 to June 5 but results did not emerge immediately. (Reporting by Julia Payne Editing by David Goodman) ))

(c) Copyright Thomson Reuters 2021. Click For Restrictions – https://agency.reuters.com/en/copyright.html

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