WAfrica Crude-Nigerian trades after weakening

Tue Nov 10, 2009 6:50pm GMT
 
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* Qua Iboe valued at dtd +$1.45, Nov cargoes sold out

* Poor margins, higher spot price adds pressure

* Three Asian buying tenders results due

LONDON, Nov 10 (Reuters) - West African crude oil differentials were steady on Tuesday as traders picked up some of the remaining Nigerian cargoes, while Angolan December barrels were almost cleared.

Poor refining margins and a higher spot price have put pressure on West African differentials for December loading shipments. Angolan crude oil differentials have weakened by between 20-40 cents this month, while lighter Nigerian crude differentials have softened by 10-20 cents.

NIGERIAN CRUDE

* Benchmark Qua Iboe was assessed around dated BFOE plus $1.45 per barrel but all cargoes were now sold, traders said.  Continued...

 

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