West African crude differentials were steady on Friday, with Nigerian September cargoes still available, traders said.

Three traders pegged the number of unsold Nigerian September-loading crude cargoes below or up to 10, while another indicated the number is closer to 12.

Traders said that ongoing outages to Libyan oil exports had helped to clear some of the September overhang for Nigerian cargoes.

West African crude differentials have been trending lower because of weak demand amid low refinery profit margins and upcoming autumn refinery maintenance, leaving some Nigerian cargoes overhanging.

Earlier this week, ExxonMobil was heard to have sold 2 million barrels of Qua Iboe to HPCL, some of which will likely come from a September cargo that was being offered at dated Brent plus $2.75, a trader said.

Nigerian Bonny Light was offered at dated Brent plus $2.50 earlier this week.

Meanwhile, Angola’s September loading programme was heard to have sold out around a week ago.

Around 14 of October’s 35 cargoes are still unsold, a trader said, of which one is still thought to be state oil firm Sonangol’s cargo of Mostarda that was last heard offered at dated Brent minus $1.00.
Source: Reuters (Reporting by Robert Harvey, Editing by Louise Heavens)