W. Africa Crude-Angolan offers pared back


LONDON, Aug 28 (Reuters) – 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.

* 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.

* 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.

* 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.

* The former chief executive officer of Philadelphia Energy Solutions and RNG Energy Solutions are jointly pursuing the purchase of the 335,000 barrel-per-day PES refinery, which was shut after a June fire, the group said.

* Noble Energy NBL.N has made a new discovery in Block 1 offshore Equatorial Guinea, with the U.S. company expecting to produce new oil by tapping into existing infrastructure by October, the oil minister said.

* Asia’s hydrogen gas demand will rise as the region’s oil refineries use the gas to produce low-sulphur fuel to meet new environmental regulations, the head of the world’s largest industrial gas producer said. (Reporting by Noah Browning, editing by Deepa Babington)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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