The impending release of the October crude loading programmes kept trade in Nigerian cargoes fairly subdued, traders said on Wednesday.

Differentials for Nigerian grades have fallen to around their lowest in over a month because of a persistent overhang of unsold crude, leaving the market at its most oversupplied in months, traders said.

As much as half of the Nigerian crude for loading in August and September is said to be available for sale, out of an originally planned 59 cargoes, although one trader said the drop in prices had cut what remained from the August programme to around 5-10 million barrels.

Source: Reuters

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