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West Africa Falls to Earth in Slow October Trade

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  • Angolan sellers, who have priced in a premium for their crude, are reporting a sluggish start to October trade.

  • Nigeria, having enjoyed a banner two months earlier this summer, is suddenly stuck with an overhang of September cargoes.

  • West African sellers are pinning their hopes on robust diesel demand to support their distillate-rich grades.

After a busy summer, sellers of West African crude have returned to earth and encountered a bump in the road as they market October loading cargoes. Trade has slowed, Nigeria’s overhang has reappeared, and differentials have softened thanks to rising supply and a slowdown in demand.

Topics:
Oil Term Contracts, Crude Oil, Oil Supply
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