W. Africa Crude-Nigerian December crude almost sold out, diffs high

 LONDON, Dec 3 (Reuters) - Nigeria's export programme for
December was down to its last cargoes, traders said as price
offers for January stayed high both for lighter and heavier
crude varieties. * The pace of Nigerian sales is the best for any month of
2019, fueled by robust gasoline cracks and price increases in
competing grades. * A slight easing in gasoline refining margins on reduced
Transatlantic shipments may soon dent price offers for light
sweet grades, traders said, which have dipped somewhat in the
last two weeks but still hover around multi-year highs. * Saudi Arabia raised on Monday its light crude prices for
sales to Asia in January to the highest level in six years on
high naptha cracks. * West Africa has few heavy sour grades, which are in higher
demand as shipping hubs look to provide vessels with scarce
high-sulphur fuel. * Heavier Nigerian Bonga and Egina crude oil have sold for
record prices in December on demand for oil suitable for
refining into the low-sulphur fuels mandated by looming global
rules, though the January picture has not yet become clear. * There are no new loading delays to Nigeria's key Bonny
Light stream, a trader said, though Shell is expected to update
sellers on Thursday on the status of an associated pipeline that
has been stricken by sabotage. TENDERS * Indonesia's Pertamina issued a buy tender for Feb. 8-12
and Feb. 13-22 delivery closing on Monday and valid until Dec.
4. (Reporting by Noah Browning in London
Editing by Matthew Lewis) ))

Leave a Reply

Skip to toolbar