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Offers ease for heavy West African oil

Monday, 09 November 2020 | 13:00

Offers for medium to heavier grades of West African oil eased after faster sales late last month.

Fewer than 10 cargoes of December-loading Angolan crude were still available, traders said, with several likely to be absorbed into equity holders’ own refining systems.

Chevron recently sold a cargo of Angolan Nemba to Repsol at a discount to dated Brent.

Spot cargoes of Angolan Dalia crude were sold out, with sale prices easing to about 65-70 cents above dated Brent, compared with offers closer to a dollar last month.

Offers for lighter Angolan crude remained steady, with Cabinda offered at a little more than dated Brent plus $1 and Girassol at a little above $1.50 over dated Brent – little changed from earlier in the week.

Indonesia’s Pertamina is running a rare tender to swap crude, for which Nigerian grades are eligible, for Jan. 14-24 delivery in exchange for its own Banyu Urip crude. The tender closes Nov. 9 and remains valid until Nov. 11.
Source: Reuters (Reporting by Noah Browning; Editing by David Goodman)

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