W. Africa Crude- Trade slowed amid weaker demand
LONDON, Sept 20 (Reuters) -West African crude differentials were stable on Friday as low refining margins and sluggish buying interest from Asia weighed on demand.
* The number of Nigerian October cargoes yet to be sold still stands in the high 20s, a trade source said, which would be unchanged from around a week ago.
* Nigeria's November loading programmes should surface next week.
* Nigerian Bonny Light was last heard on offer at around dated Brent plus $2, trade sources said earlier this week.
* In Angola, no offers were heard yet from state-controlled Sonangol for any of its 14 November cargoes.
* Sales of West African crude in the October trading cycle have averaged around $0.50-$1.00 below where September cargoes were trading, a trade source said.
* Poor refining margins and low demand from Asian buyers have weighed on differentials, the source added.
* Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand.
Reporting by Robert Harvey; Editing by Shreya Biswas
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