November 7, 2018 / 4:57 PM / 13 days ago

W. Africa Crude-Surplus cargoes drag on spot trade and diffs

LONDON, Nov 7 (Reuters) - An overhang of unsold cargoes kept differentials for Nigerian and Angolan grades stagnant on Wednesday as potential buyers waited for prices to drop, given the size of the surplus and the forthcoming January loading programmes.

* Exxon and Oando were among those offering December-loading cargoes of Bonny Light and Qua Iboe this week at premiums around $1.75 a barrel to the dated Brent price but found no buyers.

* Fewer than a dozen cargoes were thought to be left from Nigeria’s December loading programme.

* The first January programmes, led by Angola, will emerge in a week’s time.

RELATED NEWS

* A return to oil production cuts by OPEC and its allies next year cannot be ruled out, two OPEC sources said on Wednesday, to avert a possible supply glut that could weigh on prices.

* Chinese oil major PetroChina inked 2019 annual crude supply deals with state-owned producers Saudi Aramco and Kuwait Petroleum Corp on Wednesday at a public signing ceremony during the China International Import Expo in Shanghai.

* U.S. crude stocks rose last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.

TENDERS

* Uruguay’s state-run oil company ANCAP is offering to buy up to 1 million barrels of a medium or light crude for delivery Jan. 22-26 at Jose Ignacio port. Traders said the refiner is probably seeking a West African crude. The tender closed on Wednesday and the winner is likely to emerge on Thursday. (Reporting by Amanda Cooper Editing by David Goodman) ))

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