Nigerian crude market is still stuck with an overhang of close to 20 unsold cargoes from the 58-strong October loading programme.
International oil traders disclosed to The Guardian yesterday that the November programme, the largest in six months, had seen fairly muted demand so far.
Spot trade slowed yesterday, as public holidays in China kept bidding at bay, although the backdrop for the West African market was healthy with flows to Asia set to reach their highest in two months in October, according to Reuters.
The Angolan November programme had about 10 cargoes left, down from about a dozen late last week, traders said.
The programme originally planned 46 cargoes for the month.
Cabinda was last on offer for loading mid-November at a premium of about $1.00 per barrel to dated Brent, broadly unchanged on the day, as was late November-loading Girassol that was offered at around dated Brent plus $1.45.
China’s financial markets, including commodities, are closed from October 1 to 5 for the National Day holiday.
