April 6, 2020 / 4:36 PM / in 2 months

W. Africa Crude-Sonangol sells Cabinda, Girassol cargoes

    LONDON, April 6 (Reuters) - Angolan and Nigerian crude
cargoes remained in ample supply on Monday and there were signs
of differentials, already at multi-year lows, coming under more
pressure.
    
    ANGOLA
    * Angola's state firm Sonangol sold its cargoes of Cabinda
and Girassol last week, a source said. The company has CLOV and
Dalia cargoes still for sale.
    * About 45% of the May-loading cargoes are still on offer,
two traders said, a sizeable volume for this stage in the
monthly trading cycle. 
   Cabinda was last offered at dated Brent minus $3 a barrel by
another seller. Sonangol had not been showing firm offers for
its cargoes, but differentials were thought to be at big
discounts to the benchmark. 
    
    NIGERIA
    * Around 20 cargoes of April-loading Nigerian were still
available even though May trading is also under way, amounting
to a large excess supply.
    Qua Iboe crude was last offered at dated Brent minus $3.00 a
barrel, the lowest differential in two decades, according to
Refinitiv Eikon data. Traded levels were estimated to be even
lower than this, a trader said.

 (Reporting by Alex Lawler; Editing by Susan Fenton)
  
 
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