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W.Africa Crude — Cargoes struggling to clear, freight continues to weigh - REUTERS
LONDON (Reuters) – Cargoes of both Angolan and Nigerian crude were struggling to clear in the West African crude market due to high freight rates, a trader said on Wednesday, with differentials continuing to fall.
- The market was facing a “combination of high freight costs, recovering Middle Eastern supply, and widening discounts,” one trader said, with several Nigerian and Angolan cargoes struggling to clear.
- Offers for Angolan Dalia were heard at a discount of $20 to dated Brent on the Argus Open Market this week, another trader had said, much lower than the discount of $9.95 heard for the grade last week on the Platts platform.
- Angolan differentials going lower were also weighing on the Nigerian grades, another trader said.
- In the wider market, US oil major Chevron is on track to deliver first gas from its offshore Aseng gas project in Equatorial Guinea in 2028, a senior company executive said.
