W. Africa Crude-French refinery reopenings stall slide in differentials

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, April 11 (Reuters) - The reopening of major refineries in France after a month-long strike has boosted optimism among sellers of West African crude that demand in Europe could rebound.


* In France, the restart of the last of the four domestic refineries shuttered by a month-long strike signalled a likely boost to demand for oil.
* France is one of the top outlets for Nigerian oil into Europe and the blow to imports resulted in unsold crude and had led to a slide in offer prices for weeks.
* Vitol last offered a cargo of light sweet Nigerian Bonny Light crude around dated Brent flat, attracting no immediate buying interest.
* Offers for comparable Qua Iboe Nigerian crude were higher at around dated Brent plus $1.30 a barrel.
* Physical demand from key buyer China continued to be sluggish, traders said, as sales of Angolan and Congolese crude got off to a slow start this trading cycle.
* Angolan state oil company Sonangol had sold almost all of its May-loading crude, with its cargo of Girassol trading around dated Brent plus $1.90 a barrel last week, traders said.


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(Reporting by Noah Browning Editing by David Goodman)


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