Differentials for Nigerian crude held unchanged on Monday, as a dearth of bids met an overhang of unsold cargoes, while demand for Angolan remained robust, evidenced by a flurry of fixtures that has pushed shipping rates to near two-year highs.
Traders said the November oil cargoes programme has struggled to find buyers, thanks in part to unfavorable shipping economics and high freight rates. Between 15 and 20 cargoes remained from the originally planned 58.
The most recent indications for qua iboe and bonny light for loading in November held unchanged around $1.55 a barrel above the dated Brent price, having drifted down from closer to $1.75 six weeks ago.
On the international scene the trump administration is actively considering waivers on sanctions it will re-impose next month for countries that are reducing their imports of Iranian oil.