West African crude traded at the biggest discount in more than a decade as freight rates soared and demand from Asia wea | Hanami
West African crude traded at the biggest discount in more than a decade as freight rates soared and demand from Asia weakened with a recovery in oil flows through the Strait of Hormuz.
A shipment of Angolan Hungo due for loading next month traded at a $19.60 per barrel discount to the Dated Brent benchmark Tuesday, according to S&P Global Energy’s Platts pricing window. That’s the biggest markdown for any West African crude cargo in the Platts data compiled by Bloomberg since 2011.
The resurgence in Persian Gulf oil shipments, mainly destined for Asia, is hitting demand for West African crude. The jump in Gulf loadings has also left fewer vessels available in the West, compounding the increase in freight rates, said Yash Bajaj, a crude analyst at Energy Aspects.
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