Justice Derefaka (Technical Adviser on Gas Business and Policy Implementation)
Prices continue to climb. European stocks rose for a third straight session on Tuesday as automakers gained on strong China sales data, with hopes of a steady economic recovery from the coronavirus crisis boosting global sentiment.
Automakers rose 2.8% after data showed China’s auto sales in July climbed 16.4% from a year earlier, the fourth consecutive month of gains as the world’s biggest vehicle market comes off lows hit during coronavirus lockdown.
German meal-kit delivery firm HelloFresh HFGG.DE, whose shares have more than doubled in value this year, rose 5.6% after it raised its full-year guidance.
Investors globally took heart from signs that another round of U.S.-China sparring appears not to have spilled over into trade, with hopes of additional U.S. fiscal stimulus boosting the sentiment.
Refiners held off from buying Nigerian crude and were largely satisfied with West African purchases at great volumes made last week as much of the industry went on summer holidays.
* Offers for light sweet Nigeria crude held steady to rates from last week, with September-loading Qua Iboe being offered for around dated Brent plus 65 cents.
* Poor margins discouraged buying by European refiners, causing offers to stagnate and come down for competing North Sea and Mediterranean crude grades.
* Sellers on Nigerian crude awaited the outcome of a tender issued by Indonesia’s Pertamina for crude arriving at the end of October which closed on Monday.
* India’s IOC is running a tender for West African grades loading Oct. 13-22, closing on Thursday.
Prices are as follows:
(1)Dated Brent =$44.825 / bbl (0.34)
(2)Bonny Light =$44.55/bbl (0.34)
(3)QuaIboe =$44.35 /bbl (0.34)
(4)Forcados =$44.70 /bbl (0.34 )
Premium unleaded pms= $395.75/mt (0.75)
0.1% Gasoil= $373/mt (7.25)
Clean Tanker freight UKC-WAF= $16.68/mt (-0.83)
Stay Safe and have a wonderful week.