W. Africa Crude-Angolan loadings to fall in Nov.
LONDON, Sept 16 (Reuters) -West African crude oil differentials were stable on Monday, as traders digested a loading programme for Angolan grades for November.
* Angola will load a total of 33 crude cargoes in November, a trade source citing a preliminary loading programme told Reuters.
* That compares with the 35 cargoes scheduled to load on October's preliminary schedule.
* At the end of last week, traders said that around 11 Angolan October cargoes remain unsold, with state-controlled Sonangol having sold out of its allocation for the month.
* Nigeria's October programme still has between 25 and 30 cargoes left unsold, a trading source said on Friday, while its September schedule sold out.
* Bonny Light October cargoes were last heard on offer at around dated Brent plus $2, a trade source said at the end of last week.
* "The recent West African overhang supposedly cleared fast over the last few weeks, but the upside to Nigerian premia was very short-lived and are now substantially lower month on month," said Sparta Commodities analyst Neil Crosby.
Reporting by Robert Harvey; editing by Jonathan Oatis
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
