London — Price offerings for Angolan crude were pared back slightly as refiners appear well stocked with heavy sweet crude but remained relatively high on expectations of brisk Asian demand.
ANGOLA
* State oil company Sonangol continued to offer a cargo of October-loading Dalia crude at a premium of $3 compared to dated Brent but reduced its offer for Girassol from $3.20 to $3.00.
* A steep increase in asking prices anticipated ramped up interest ahead of global low sulphur fuel rules effective Jan. 1 for which many Angolan grades are well suited.
* But comparable heavy sweet oil grades in Australia began a price slide from all-time highs late last week.
* Traders say refineries in Asia appear to be confident that their current stocks can meet shippers’ needs for IMO-compliant fuels for the near term.
NIGERIA
* At least 15 Nigerian cargoes remained for export in September.
* The number of cargoes bound to the United States in August were scheduled to be the lowest since January, as the summer driving season has come to an end and East coast demand remains lacklustre.
* U.S. gasoline stocks fell by 2.1 million barrels, paving the way for a possible uptick in imports.
* European gasoline refining margins rose 4.5% to almost $10 a barrel on Wednesday on the EIA data.
TENDERS
* Indonesia’s Pertamina issued a buy tender for crude for November delivery of West African crude cargoes. The tender closes on Aug. 30 and remains valid until Sept. 3.
- Reuters
