Crude oil barrels
London -- Offers for many
West African grades continued
to slip as Chinese buying
eased and European demand
remains sluggish, with fears
for a second wave of
coronavirus infections and
generally poor refining
margins worldwide weighing on
* Weeks of Chinese buying which have firmed up prices in
previous weeks has lost steam.
* Around 10 cargoes of crude oil remain to be sold in July
as August export programmes are due at the beginning of next
week, marking one of the poorest months for sales recently.
* Heavier Angolan Dalia crude and Congolese Djeno were
last offered at around a $1 above dated Brent, significant
slides from offers about a week earlier.
* At least 30 cargoes remain for export in July, as margins
recovered slightly globally but gasoline stocks have stayed
stubbornly high in key European markets.
* Indian demand continues to provide a bright spot as
refiners in the country consistently absorb Nigerian cargoes
though storage levels remain high there.
* Two traders said offers for lighter Nigerian crudes at
around $1 above dated Brent were still too high to attract
* India's HPCL has two spot tenders for 2 million barrels of
oil, including mostly West African grades. One is for Sept.
1-10 delivery and the other for Oct. 1-10. Both close next
* Uruguay's Ancap had issued tenders for oil including
West African grades due to arrive in August, set to close
West Africa Crude – Heavier oils stay strong on Chinese demand