Sellers of Nigerian crude are pitching initial offers for November cargoes higher than recent
deals, traders said on Friday, although buying interest has so far been muted.
The overhang of October-loading Nigerian crude has been whittled down to around 10 cargoes, as the price contango in the Brent market makes prompt cargoes relatively cheap.
Despite the higher offers, some traders were cautious on the prospect that differentials would move much higher, given an ample supply of light, sweet crude in the Atlantic Basin.
More than half of Angola’s 49 November cargoes have found buyers, although around 20 cargoes of mainly lighter crude are still unsold.
NIGERIA
Qua Iboe: On offer for November at around dated plus $2.00, a trader said. But views on valued remained closer to dated Brent plus $1.40 to $1.50, in line with Thursday.
There are 62 cargoes loading in November, the same as in October although the daily loading rate will be higher due to the shorter month.
ANGOLA
Around 20 of Angola’s 49 Angolan cargoes for November are available, say traders. Around 12 of the sold cargoes have traded on a spot basis.
CLOV has sold out.
Cabinda: Cargoes are still available. Offered this week at dated minus $1.50, higher than the last known deals.
