LONDON Oct 19 (Reuters) – Angolan crude price differentials could come under pressure as November’s last few remaining cargoes are sold, traders said on Monday, while ample supply weighed on the Nigerian market.
Thank you for reading this post, don't forget to subscribe!About six Angolan cargoes for November are still unsold, traders said. About 57 cargoes are expected to load in December, in line with indications on Friday, which would be up two from November.
Nigerian differentials remain under pressure from ample supply and weaker European demand. The December loading programmes are expected to be issued later this week.
ANGOLA
* Full details of the December cargoes were slow to emerge.
* Cargoes of Dalia, CLOV, Girassol and Kissanje are among the grades still available in November, a trader said.
* Dalia was expected to fetch less than the most recently heard offer level of dated minus $3.30.
* Girassol was valued at a discount of close to dated Brent minus $1.00, the level of the most recent deal.
NIGERIA
* About 25 of the 63 November cargoes of Nigerian crude are still available, traders said, lower than Friday’s assessment but still a relatively large volume for this stage in the monthly trading cycle.
* Qua Iboe was valued slightly below dated Brent plus $1.00, in line with traders’ views heard on Friday.
TENDERS
* Indian refiner BPCL is running a buying tender this week that could absorb some West African crude for December. Part One of the tender closes on Friday. (Reporting by Alex Lawler; Editing by David Evans)