Light sweet market well supplied

摘要

1. Less than 10mn bl of Nigerian crude remains unsold for August, although September trade has been sluggish. Refining margins looked relatively strong in Europe, but gasoline has eased from levels earlier in July. Refiners have plenty of light sweet crude at their disposal, including Mediterranean crude loading in the second half of August. Values for unsold September cargoes of Angolan crude are expected to fall given limited Chinese demand. China’s Unipec, a major buyer, has sought to resell up to 5mn bl of west African crude.