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W. Africa Crude-Sales stay slow on tepid demand, competition

PUBLISHED: Tue, 13 Apr 2021 14:15:17 GMT

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LONDON, April 13 (Reuters) – Supply gluts of Angolan and Nigerian crude remained sizeable as both Europe and Asia rein in buying during refinery maintenance season and competing grades attract buyer interest.

* Nearly 10 cargoes of May-loading Angolan crude remain unsold.

* China’s Unipec purchased a cargo of Saturno from Sonangol for below dated Brent minus $2, traders said.

* Refinery maintenance and a Brent-Dubai spread, which favours non-Atlantic basin crudes, were largely responsible for the slow sales.

* Lower offers for U.S. light crude were pressuring West African crudes in European and Asian markets, but Mideast crude continues to be in higher demand in the Far East.

* India’s IOC issued a new buy tender for June-loading crude set to close on Thursday.

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* OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market.

* China’s crude oil imports jumped 21% in March from a low base of comparison a year earlier as refiners ramped up operation amid robust fuel demand post-COVID-19, though purchases slowed ahead of the maintenance season. (Reporting by Noah Browning) ))

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