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Oil rebounds to close at a 2016 high

HomeNewsOil rebounds to close at a 2016 high
Oil rebounds to close at a 2016 high

LONDON, April 20 (Reuters) – * Oil prices rebounded to a 2016 high Wednesday as U.S. stocks of crude posted a smaller-than-expected build and there was a drawdown in gasoline and distillate stocks.

* Russia said on Wednesday it was prepared to push oil production to new historic highs, just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened to flood markets with more crude.

* Iran also said it was determined to recover its share of the world oil market following the lifting of sanctions, and can withstand low prices.


* Nigeria’s June loading programmes were still emerging, with a slight increase in Qua Iboe exports to 317,000 barrels per day (bpd) but one less cargo for each of the Agbami, Escravos and Usan export plans.

* Senegal’s SAR bought a cargo of Qua Iboe in its tender, but the grade remained easily accessible.

* The arbitrage to the United States had mostly closed as dated Brent was trading at a larger premium relative to U.S. WTI.

* As a result, the bulk of the some 15 cargoes left for May loading were expected to seek an outlet in Europe.

* Despite an ongoing force majeure on Forcados, and the still-missing Erha export plan for May, Nigerian crude was in ample supply.

* Qua Iboe differentials were under pressure, as several May cargoes are left for sale and there is a slightly longer bpd programme in June.

Source: Reuters Africa


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