Nigeria's state-owned NNPC will supply the country's 650,000 b/d Dangote refinery with five cargoes of October-loading crude, according to market sources.
Dangote will receive two cargoes each of light sweet Bonny Light and Qua Iboe, and one 700,000 bl cargo of Abo.
NNPC's September allocations to Dangote also comprised five cargoes — two cargoes of Bonny Light, and a cargo each Qua Iboe, medium sweet Escravos and Jones Creek from NNPC — as did its August allocations.
Nigerian differentials have lost between 30¢-$1.05/bl over the past month as buying interest has eased ahead of autumn refinery maintenance in Europe – the biggest market for Nigerian crude. The availability of competitively priced US light sweet WTI as well as crudes from Brazil, Guyana and the Mediterranean has further pressured European demand and left an overhang of September supplies into the October trade cycle.
Traders said there were 11-15 cargoes of September-loading Nigerian cargoes still looking for buyers out of 46 scheduled for this month.
Nigerian crude and condensate exports were scheduled to average 1.26mn b/d on 41 cargoes in October, according to loading programmes for 12 grades.
