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OIL: WAF Market Awaits Angola Term Allocation: Reuters

OIL
BulletEnergy BulletsCommodities

The WAF crude market is awaiting Angola’s term allocations for November loading, while poor refining margins is hitting Nigeria’s ability to find homes for its cargoes, Reuters said.

  • Angola will load 33 cargoes for November, including two cargoes of Cabinda, two of CLOV, and four of Dalia.
  • Sonangol has 14 November cargoes, based on the loading schedule and has yet to finalise term allocations, traders told Reuters.
  • In Nigeria, Bonny Light crude was still offered at around Brent plus $2/b, although potential buyers have room to negotiate given poor refining margins, Reuters said.
  • Nigeria’s October programme still had 25-30 cargoes unsold as of Sep. 13.
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The WAF crude market is awaiting Angola’s term allocations for November loading, while poor refining margins is hitting Nigeria’s ability to find homes for its cargoes, Reuters said.

  • Angola will load 33 cargoes for November, including two cargoes of Cabinda, two of CLOV, and four of Dalia.
  • Sonangol has 14 November cargoes, based on the loading schedule and has yet to finalise term allocations, traders told Reuters.
  • In Nigeria, Bonny Light crude was still offered at around Brent plus $2/b, although potential buyers have room to negotiate given poor refining margins, Reuters said.
  • Nigeria’s October programme still had 25-30 cargoes unsold as of Sep. 13.