• Friday, May 24, 2024
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West Africa Crude: Nigerian diffs stabilise, cargoes slow to clear

Nigerian crude differentials stabilised on Monday, although some traders said the market could come under further downward pressure given the limited demand.

Around 40 Nigerian cargoes were still available out of 63 loading in November, traders said.

For Angolan grades, around 10 cargoes out of 49 were not yet sold.

“Most Atlantic-based physical crude diffs have stabilized or improved of late, particularly WAF,” analysts at Morgan Stanley said in a report.

One physical trader said he still expected Nigerian differentials to weaken from current levels, citing slow demand for November cargoes so far.


Qua Iboe: On offer for November at around dated Brent plus $2.00, traders said. Traders said it was likely to trade closer to $1.50 above dated Brent, in line with indications on Friday.

End-user buying has been limited. A few cargoes have been sold to trading firms or into Asian buying tenders.

Agbami, Akpo: Cargoes were sold out or almost sold out for November loading.


Nemba: Three cargoes were left. The most recent trade was done at below dated Brent minus $1.50, a trader said, down from an offer last heard to be dated minus $1.25.

Girassol: Offered at dated minus 20 cents, a trader said, suggesting slippage from price levels heard last week.

Cabinda: Cargoes still available and said by one trader to trade at below dated minus $1.50.

Indian Oil Corp. is running a buying tender this week and the result is expected on Thursday, a trader said.