© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI: Transcript of Interview With Ex-KC Fed President George

MNI BRIEF: Very Heavy NGEU Issuance Pipeline For '24 -EU Bohan

MNI BRIEF: Inflation Risks "Broadly Balanced"-EU's Gentiloni

Current Account Surplus Grows In Sept As Trade Surplus Increases

MNI UK Inflation Insight

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Angolan/Nigerian Crude Spreads at Record Levels

OIL

Record West African crude spreads are promoting a recovery in Angolan trade according to Platts.

  • Surging European middle distillate cracks and tightening North Sea and Mediterranean crude supply has sent buyers towards West Africa.
  • Angolan grades had been under pressure in recent months because of weaker demand from China as it grapples against lockdown demand destruction.
  • Platts has recorded some of the widest ever spreads between Angolan and Nigerian crudes. Comparing medium sweet grades, Angolan Girassol was last assessed at a $2.00/b premium to Dated Brent, up $1.60/b since the start of the month but still $5.30/b below Nigerian Forcados, its highest ever discount.
  • Angola had already recorded 318,000 b/d in European exports through April, its highest level since August 2016, according to Kpler shipping data.
BulletEnergy BulletsHomepageCommodities
BulletEnergy BulletsHomepageCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.