LONDON, July 2 (Reuters) - Port congestion and abundant
stocks have dampened Chinese buying, but Angolan price
differentials remain steady as refiners switch towards sweeter
crude grades amid scarcity and high prices for sour
alternatives.
* Chinese state and independent refiners continue to hold
off on buying as the backlog lingers, traders said.
* Chinese ports are struggling to unload record volumes of
crude with storage tanks full after the country rushed to buy
extra barrels during April's oil price crash. * Angolan price offers stayed steady as buying interest from
Europe perked up, compensating for the unusually low demand in
the Far East.
* Angola is resisting pressure by OPEC's de-facto leader
Saudi Arabia for a steeper oil output cut to comply fully with
record supply curbs, OPEC and industry sources said.
* With more cars taking to the roads as coronavirus
lockdowns ease, demand for lighter, sweeter oil more suitable
for refining into gasoline is ticking up. * Gasoline stocks in northwest Europe fell by almost 9% in
the week to Thursday in the third consecutive weekly drop.
* Still, prices of Mediterranean and West African lighter
crude grades have yet to firm up amid a global glut of cheaper
U.S. crude.
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* The collapse in oil demand from the COVID-19 pandemic is
hastening the reckoning for those refiners already struggling as
new capacity overtakes demand, posing an existential threat to
many, particularly Europe's ageing plants. * Future oil product demand growth will never return to
pre-coronavirus levels, Citi Research said, adding oil prices
were likely to fluctuate between $45 and $60 a barrel in the
long term.