Nigeria’s overhang of September crude cargoes sold out by the end of the week but October differentials remain under pressure, while Angolan state-owned Sonangol sold its last October stem.

Nigeria’s September loading programme has now cleared, a trade source said on Friday.

The last Nigerian September cargo to have been heard on offer, an end-September cargo of Qua Iboe at around dated Brent plus $2.50, was no longer on offer on Friday, a trade source said.

Bonny Light October cargoes are still on offer at around dated Brent plus $2, a trade source said, unchanged from levels heard on Thursday but down from dated plus $2.50 at the start of this week.

“Nigerian FOB premia, briefly boosted by Libya, have fallen sharply, amid ample light sweet alternatives and weak demand,” said Sparta Commodities analyst Neil Crosby.

A trade source pegged the number of Nigerian cargoes unsold from next month’s schedule at around 25-30, from estimations of around 30 earlier this week.

Meanwhile in Angola, Sonangol was heard to have sold its final October cargo – a Gimboa – to Unipec.

Around 11 Angolan cargoes now remain unsold on the October loading schedule.

Traders are awaiting the release of the November Angolan loading schedule early next week.

In addition, approximately five cargoes of Congolese Djeno crude are available for October loading dates, a trade source added.
Source: Reuters (Reporting by Robert Harvey. Editing by Jane Merriman and Louise Heavens)