6th October, 2014
Around 40 Nigerian crude oil cargoes were still available out of 63 loading in November, traders said on Monday, according to Reuters.
The news agency however reported that Nigerian crude differentials stabilised on Monday, although some traders said the market could come under further downward pressure given the limited
demand.
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.
NIGERIA
* 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.