W.Africa Crude - TotalEnergies offers Bonny while ADNOC spot sales weigh on the market
XLE•TotalEnergies offers Bonny Light as West African differentials stay stable
LONDON, Aug 17 (Reuters) - TotalEnergies offered Nigerian Bonny Light crude in the Argus window on Monday while other West African crude oil differentials were stable.
- Bonny was offered at dated Brent plus $4.10 via the Argus Open Markets platform for September loading, a trade source said. Last week, the grade was offered at plus $6 on the Platts platform, LSEG data showed.
- The West African market stalled because Abu Dhabi National Oil Co was aggressively selling spot cargoes again, another trader said.
- ADNOC sold at least 14 million barrels of spot crude to Asian refiners at premiums in its latest tender, trade sources said on Monday. That was its eighth tender since the start of June.
- Increased availability of Middle East grades was weighing on the West African market as both regions compete among Asian refiners.
- In the wider market, Chevron said it had discovered oil and gas condensate at an exploration well in Block 0 off Angola, adding to its push to increase production in sub-Saharan Africa through infrastructure-led exploration.
