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Africa

W. Africa Crude Sonangol said to sell Olombendo; ample supply weighs

1 minute read

West African crude differentials are under downward pressure, traders said on Friday, due to ample supplies, although cargoes are finding buyers.

ANGOLA

* State oil company Sonangol has sold an Olombendo cargo to P66 that was on offer at dated Brent plus $1, a trader said. The seller was still offering a Gimboa cargo at below its previously reported offer, which was dated minus 20 cents.

* Around seven to eight June-loading cargoes are still available.

NIGERIA

* Ample supply of cargoes is weighing on the market, a trader said.

* Bonny Light and Qua Iboe have weakened and the lowest offer was heard to be dated minus 20 cents, around 20 cents weaker than previously reported.

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