LONDON: A large overhang of Nigerian crude was keeping price differentials under pressure on Tuesday. Angola's loading programme for December was issued on Monday and contains 52 cargoes, compared with 53 in November, pointing to tighter supply on both a total and barrels-per-day basis. NIGERIA
There are more than 30 unsold Nigerian cargoes for October and November loading, a sizeable overhang.
Forcados exports, which had been halted for months, finally resumed last week and a second tanker is expected to load this week.
Nigeria's biggest crude stream Qua Iboe was valued at dated Brent plus 50 cents or lower.
The last offer was heard to be BP's offer made a week ago at dated plus 95 cents.
Nigeria's official selling prices for November are expected to emerge at the end of this week. ANGOLA * Participants were waiting for details of their term allocations for December, before the focus shifts to spot cargoes. Tighter supplies could lend the market some support.
A few November cargoes were still up for sale, including Nemba, Saturno and CLOV. Nemba differentials have fallen to at least dated Brent minus $1.60 and Saturno was worth around dated minus $3.00, a trader said.
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