W. Africa Crude-Dec overhang reduces but WAF diffs remain constrained

reuters00:42

W. Africa Crude-Dec overhang reduces but WAF diffs remain constrained

LONDON, Nov 14 (Reuters) - The number of unsold cargoes from the Nigerian and Angolan December loading programmes has decreased this week, trade sources said, however, a slight uptick in demand has not translated to firmer prices yet.

* Around 25-30 Nigerian December cargoes remain unsold, a West African crude trader said on Thursday.

* Values for Bonny Light and Qua Iboe were indicated by a trader at around dated Brent plus $1 and dated Brent plus $2 respectively, little changed from previous levels.

* Forcados was pegged around dated Brent plus $2.50 by the trader, slightly lower than previous levels.

* A pick-up in sales of rival Angolan, Brazilian and Guyanese crude cargoes has helped to increase demand for Nigerian grades, against a backdrop of rising refinery runs.

* "Following October's peak in autumn maintenance, global crude runs are increasing in November and will continue to trend higher to year-end," the IEA said in its monthly oil market report on Thursday.

* Fewer than 15 cargoes from the December Angolan loading programme remain unsold, down from around 18 at the end of last week. The January loading programme should surface in the next week.

* State oil company Sonangol sold its cargo of Cabinda on Tuesday, which was at one point offered at dated Brent plus 90 cents, to Glencore, a trader said. Sonangol has now sold all its December cargoes.

(Reporting by Robert Harvey; Editing by Shreya Biswas)

((Robert.Harvey@thomsonreuters.com; +447552256587;))

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Africa Crude-Dec overhang reduces but WAF diffs remain constrainedLONDON, Nov 14 (Reuters) - The number of unsold cargoes from the Nigerian and Angolan December loading programmes has decreased this week, trade sources said, however, a slight uptick in demand has not translated to firmer prices yet. * Around 25-30 Nigerian December cargoes remain unsold, a West African crude trader said on Thursday. * Values for Bonny Light and Qua Iboe were indicated by a trader at around dated Brent plus $1 and dated Brent plus $2 respectively, little changed from previous levels. * Forcados was pegged around dated Brent plus $2.50 by the trader, slightly lower than previous levels.* A pick-up in sales of rival Angolan, Brazilian and Guyanese crude cargoes has helped to increase demand for Nigerian grades, against a backdrop of rising refinery runs.* \"Following October's peak in autumn maintenance, global crude runs are increasing in November and will continue to trend higher to year-end,\" the IEA said in its monthly oil market report on Thursday.* Fewer than 15 cargoes from the December Angolan loading programme remain unsold, down from around 18 at the end of last week. 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