LONDON, July 29
– Nigerian crude is in ample supply and differentials on Monday were heard to be under downward pressure, while the Angolan market was steady.
* Up to 20 cargoes remain for August and a trader said the total number of unsold cargoes could be higher including shipments that may head into European majors’ refining systems.
* Cargoes of some major grades are struggling to sell, such as Bonny Light, amid reduced U.S. demand and plenty of competition in Europe from North Sea barrels.
* Qua Iboe was valued by one trader at dated Brent plus $2.00 for August loading, with Bonny at a discount to Qua, down from above dated plus $2.60 at the start of July.
* About 15 cargoes of September-loading crude are available, according to estimates from traders.
The September programme included about 45 cargoes but some traders expect this to drop to by a couple of cargoes because of maintenance at the Saturno field. No information was available as of Monday afternoon.
* Refining margins are reasonably solid in Europe and lacklustre in Asia, a trader said, although other traders say demand from the latter region which absorbs most Angolan crude has been solid. (Reporting by Alex Lawler; Editing by David Evans) ))