Angolan crude differentials edge downwards

Price offers for Angolan oil have eased, traders say, as demand for its heavy and sweet crude grades remains robust in Asia but competition from Mideast and Australian oil has strengthened.

About 15 cargoes of Angolan oil remain available for export in October. State oil company Sonangol was down to its last cargo for the month, keeping its offering for Dalia crude at a premium of $3 to dated Brent.

A cargo of Australian Vincent oil, a heavy sweet crude, was offered for export over Sept. 26-30, the first cargo to be advertised since field expansion in May 2018. Differentials for Nigerian crude remained sluggish as European gasoline margins slackened amid fewer exports.

Traders hope interest in East and Southeast Asia might help to clear some cargoes but noted that shipping costs on the route might prove prohibitive.


Source: Reuters



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