off-the-wire

W. Africa Crude-Nigerian overhang begins to clear, Angolan steady

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, April 3 (Reuters) - An overhang of Nigerian crude is clearing slowly, traders said on Monday, though supply remains plentiful amid weak demand from Europe and China.


* About 15 cargoes of April-loading Nigerian crude are available, one trader said, down from last week's estimate of as many as 20. However, such an amount for this point in the monthly trading cycle is relatively large.


* Nigerian crude differentials remained under pressure as French refinery strikes squeezed demand. No new offers were heard on Monday. Qua Iboe was last on offer at dated Brent plus $1.60.
* On Angolan crude, offers were heard to be steady. Sonangol still offered its Girassol cargo at dated Brent plus $2.50 after trimming the asking price last week. (Reporting by Alex Lawler Editing by David Goodman )

Messaging: alex.lawler.reuters.com@reuters.net))

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