W. Africa Crude-Angolan slumps on weaker middle distillate margins

 LONDON, Nov 14 (Reuters) - Lacklustre Asian demand for
middle distillates such as gasoil helped push down prices for
some Angolan grades which had previously fetched much higher
interest and prices as new shipping fuel rules draw nearer. ANGOLA * Asian refining profit margins for gasoil have plunged to
their lowest in more than five months. * About six to eight Angolan cargoes remain from the
December export programme, a smaller overhang than last month. * Delayed purchases of lower sulphur marine fuels ahead of
2020 rules have seen demand for heavier, sweeter crudes fall
below sellers' expectations. * A cargo of December-loading Dalia, one of the most coveted
for refining into the compliant fuels, sold for dated Brent plus
$1.90, down from about plus $2.50 in previous months. * Girassol crude was being offered at about dated Brent plus
$2.80. * Freight rates have mostly eased after a sharp spike last
month, with a VLCC bound to the Far East estimated at around
world scale 79-80. NIGERIA * Traders differed on whether a buying spree of light, sweet
crude which sent differentials for some Nigerian grades soaring
had petered out. * A surprise fall in U.S. gasoline stocks halted a recent
slump in European refining margins and high asking prices for
comparable North Sea and Mediterranean grades have buoyed
prices. * Bonny Light crude was still being offered at around $3.50
above dated Brent. RELATED NEWS * Qatar Petroleum (QP) has told some term crude buyers in
Asia this week that it plans to change the way it prices its oil
early next year to align with other Middle East producers. * OPEC said on Thursday it expected demand for its oil to
fall in 2020 as rivals pumped more, building a case for the
group to maintain supply curbs when it discusses policy next
month. (Reporting by Noah Browning; Editing by David Clarke) ))

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