W. Africa Crude-Asking prices for Angolan slip, demand still robust

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LONDON, Dec 2 (Reuters) – High price expectations by sellers
of Angolan crude oil appeared to cool somewhat as some grades of
January loading cargoes slipped on Monday.

* Sonangol’s cargo of heavy, sweet Dalia crude oil, offered
at a premium of $3.50 compared to dated Brent last week, was
marked down to $3.00 on Monday.
* Heavy, sweet crude oil valued for its easy refining into
low sulphur shipping fuels mandated by new global rules remain
in strong demand in East Asian markets.
* Refiners appear set to provide products to meet the new
requirement, and traders viewed the near record offers for some
ideal crude varieties from Angola and Australia as too high.
* Firm middle distillate refining margins in Asia hovered
around two-week highs and helped buoy demand.
* Lighter varieties of West African crude continued a rally
maintained for several weeks on comparable North Sea and
Mediterranean price spikes.
* Nigerian Bonny Light crude was being offered at $3.50
compared to dated Brent, slightly below highs in recent weeks.

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.

RELATED NEWS
* S&P Global Platts said that from Monday it would start
publishing daily assessments for 0.5% marine fuel bunker in more
than a dozen ports.
* Nigeria is committed to full implementation of agreements
among OPEC and non-OPEC members, its minister of state for
petroleum said on Sunday, ahead of an OPEC meeting in Vienna.

* Indonesia is considering letting energy companies stick
with the “cost recovery” system for oil and gas production
sharing contracts, the energy minister said on Monday, after the
government decided to adopt a new scheme in 2017.

(Reporting by Noah Browning; Editing by Giles Elgood)

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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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