November 29, 2018 / 4:38 PM / 6 months ago

W. Africa Crude-Flurry of buying for January Angolan cargoes, Nigeria languishes

LONDON, Nov 29 (Reuters) - Several Angolan cargoes changed hands on Thursday, after a week of inertia, while trade in Nigerian crude remained subdued as a high volume of unsold cargoes kept buyers reluctant to step in.

Sonangol sold January-loading cargoes of Dalia and Girassol, while ENI was said to have sold cargoes of Sangos and Olombendo.

Spot deals have been so thin on the ground of late that one trader said it was possible to count the number of trades that have gone through in the last couple of weeks “on the fingers of one hand.”

There are still unsold cargoes for January, but traders estimate these are now in single digits.

Offers for Nigerian Qua Iboe and Bonny Light hovered around $1.65 a barrel above dated Brent, down from $1.70 earlier this week.

In the Nigerian market, traders estimate that nearly a quarter of the December programme remains available.

Indonesia’s Pertamina is seeking between 950,000 and 1.9 million barrels of light sweet crude for delivery in early February in a tender that will be awarded on Tuesday, traders said. (Reporting by Amanda Cooper; Editing by Mark Potter) ))

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