LONDON: The Angolan market was looking more bearish on Friday, traders said, after China’s Unipec, normally a big buyer, turned to selling cargoes this week.
Though state oil company Sonangol has sold its December-loading cargoes, other sellers have 10-12 cargoes, traders said, quite ample supply for this point in the trading cycle.
In the Platts window on Thursday, Unipec offered Plutonio at dated Brent minus 20 cents, Olombendo at dated plus 60 cents and Saturno at dated minus 70 cents. The offers were not repeated in Friday’s window, a source said.
One trader said sentiment was turning more bearish towards December cargoes, citing high product inventories and freight rates, rising production in Libya and the United States granting sanctions waivers for some buyers of Iranian oil.
Up to 10 cargoes are left from Nigeria’s November loading programme.
Nigerian Bonny Light, Bonga and Qua Iboe were offered at around dated Brent plus $1.75 a barrel, unchanged from the previous day.
Post Views: 20