W.Africa Crude - Repsol buys Bonga at dated flat, differentials under pressure
W.Africa Crude - Repsol buys Bonga at dated flat, differentials under pressure LONDON, July 8 (Reuters) - ExxonMobil sold Bonga to Repsol at dated Brent flat in the previous session, while West African crude differentials remained under pressure as demand waned and crude grades competed for market share against each other.
ExxonMobil withdrew its offer of plus $1 against dated Brent of Nigeria's Bonga for Aug 3 to Aug 4 loading in the Platts window in the previous session, two traders said.
After the window closed, Repsol bought the cargo at dated flat, one of the traders said.
Earlier this week, TotalEnergies offered Angolan Djeno at minus $14 to dated Brent, another trader said.
Differentials have been weighed on by a weak appetite from China and both U.S. and Latin American grades coming in cheaper to Europe, traders have said this week. Additionally, the partial increase in flows from the Middle East was alleviating concerns of a shortage.
(Reporting by Seher Dareen; Editing by Toby Chopra)
((seher.dareen@thomsonreuters.com))
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