West Africa: Sellers Make Hay Before Sun Goes Down

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  • Angola clears all August loadings with September off to a strong start.

  • Chinese buyers pay big premiums and face uncertain demand at home.

  • Softer tone on Nigeria as US flows increase and Libyan exports resume.

Sellers of West African crude are still riding the wave of record differentials, but a sense of foreboding has set in amid signs that high prices are softening fuel consumption and strengthening crude supply. “The market is still very strong, but people are wondering how long that might last,” said one seller. As of Wednesday, Angola had cleared all August cargoes and had just 15 spot September loading cargoes to sell. Nigeria, which trades over a longer cycle, had cleared all but a handful of August loaders and very little September fare.

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