November 12, 2018 / 4:43 PM / a month ago

W. Africa Crude-Weak Asian demand, high freight weigh

LONDON, Nov 12 (Reuters) - West African crude differentials remained under pressure on Monday as high freight rates and weaker Asian demand weighed on sentiment.

Cargoes are still finding other buyers as the number of unsold shipments has fallen from Friday.

NIGERIA

* At least 30 Nigerian cargoes are left from the December programme, lower than 35 as estimated on Friday.

* Cepsa was heard to have bought the Erha cargo loading Dec. 5-6 that Vitol sold last week. One trader estimated the deal was done at around dated Brent plus $1.20.

* Offer levels were stable. Qua Iboe was last heard to have been offered at dated Brent plus $1.75 a barrel, which one trader saw as far above market value.

ANGOLA

* Five to six cargoes are remaining from the December loading programme, down from eight estimated on Friday. The January programme is expected to be issued later this week.

* BP is among the sellers still with barrels to clear, a trader said.

TENDERS

* Indonesia’s Pertamina re-issued a tender to buy West African crude loading on Dec. 1-15. No result has emerged as yet for the tender, which was valid until Monday.

* Indian Oil Corp. is running a tender to buy crude loading on Jan. 1-15. The tender remains valid until Tuesday and could take December-loading cargoes, a trader said. (Reporting by Alex Lawler, editing by David Evans) ))

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