October 16, 2020

CLOV FPSO - Credit:Gwenolé de KERMENGUY/MarineTraffic.com

CLOV FPSO – Credit:Gwenolé de KERMENGUY/MarineTraffic.com

The number of unsold November-loading Angolan crude cargoes fell further on Thursday, traders said, while the Nigerian market was steady.

ANGOLA

Only one cargo of CLOV remains unsold after the other found a buyer on Thursday. Details of the cargo’s destination were not known. A few other cargoes are available, traders said.

December’s loading schedule is expected to emerge on Friday or Monday.

Chinese buying has yet to rebound as the COVID-19 pandemic continues.

NIGERIA

The restart of Libyan supply is squeezing Nigerian differentials, but some demand remains as offer levels are near multi-year lows reached in May because of the pandemic.

November-loading Qua Iboe and Bonny Light were assessed unchanged at dated Brent minus 50 to 60 cents.

TENDERS

Indian Oil Corp’s tender to buy crude for arrival from late December to early January closed on Thursday. The result was slow to emerge.

(Reporting by Alex Lawler; Editing by Susan Fenton)

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