W. Africa Crude-More Angolan clears, allocations awaited
LONDON, July 23 (Reuters) -The West African crude market remained focused on clearing an overhang of August-loading cargoes on Tuesday and was awaiting term allocations from Angola's Sonangol.
* A handful of cargoes of August-loading Angolan crude remain unsold, one trader said, down from about 10 estimated at the end of last week. Demand for August cargoes was relatively lacklustre, not least from China, because of a weak economy.
* State oil firm Sonangol was expected to finalise its term allocations for September cargoes on Wednesday, a trader said, and has yet to be showing spot offers.
* On Nigerian grades, Qua Iboe was offered at dated Brent plus $3.90 a barrel, up 10 cents from last week.
Reporting by Alex Lawler
Editing by David Goodman
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
