Nigerian crude cargoes were heard to be finding homes after a drop in differentials while price discussions had yet to begin for Angola’s December cargoes.

“A lot has moved this week,” a trader said of Nigeria’s November cargoes, estimating that as few as 10 were still unsold. Another trader had put the number at around 20 earlier this week. It wasn’t possible to confirm any specific trades.

Bonny Light was last heard on offer at around dated Brent plus $1.00 or slightly below, and thought to be around the same level on Friday.

Qua Iboe was valued by a trader closer to dated plus $2.00 from offers of dated plus $2.75 previously heard.

No fresh price discussions were reported for Angolan grades on Friday, as sellers are yet to show offers publicly for December cargoes.

December’s loading programme shows 36 cargoes will load in the month, up from 33 originally planned in November.

One trader said there was optimism among sellers that December’s trading cycle could be strong after relatively solid demand for November’s cargoes.
Source: Reuters (Reporting by Alex Lawler; Editing by Louise Heavens)