LONDON: Spot trading was limited on Wednesday as fresh loadings competed with offers from storage and leftovers from the October loading plan. Traders said differentials were at a peak, and needed to soften before many more deals were possible.
ANGOLA
Angola's Sonangol was offering three cargoes from the November programme, including two Dalia at dated Brent plus 30 cents and an Olombendo at a $1.50 a tonne premium to dated Brent.
The country's crude oil exports are set to fall to a 13-month low in November after Sonangol deferred one cargo, bringing the total to 47.
Traders said offer levels were too high to enable fresh deals, particularly as eight cargoes were left from the October programme.
Cabinda was offered as high as 90 cents above dated Brent.
NIGERIA
The force majeure on Bonny Light remained in place, and no November programme appeared for it or for Erha.
Traders said there was no clear sign that the force majeure would be lifted in the coming days.
A cargo of Brass River crude sold from the November loading plan, which included four cargoes for a total of 115,000 bpd.
Roughly 10-12 cargoes reamined from the October plan, half of them Forcados. Traders said offers of close to $2 per barrel above dated Brent had dented demand for it.
Thus far the November loading plan had 45 cargoes with a total of 1.3 million bpd. Bonny Light, Erha and several smaller grades were still pending.
TENDERS
There was a tender issued to supply one cargo of crude to South Africa's refinery for end-November delivery. It closes on Thursday.
Indonesia's Pertamina was also running a tender to buy oil delivered in December, which closes on Oct. 2 and is valid until Oct. 5.
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