LONDON, July 29 (Reuters) - Nigerian crude is in ample
supply and differentials on Monday were heard to be under
downward pressure, while the Angolan market was steady.
NIGERIA
* Up to 20 cargoes remain for August and a trader said the
total number of unsold cargoes could be higher including
shipments that may head into European majors' refining systems.
* Cargoes of some major grades are struggling to sell, such
as Bonny Light, amid reduced U.S. demand and plenty of
competition in Europe from North Sea barrels.
* Qua Iboe was valued by one trader at dated Brent plus
$2.00 for August loading, with Bonny at a discount to Qua, down
from above dated plus $2.60 at the start of July.
ANGOLA
* About 15 cargoes of September-loading crude are available,
according to estimates from traders.
The September programme included about 45 cargoes but some
traders expect this to drop to by a couple of cargoes because of
maintenance at the Saturno field. No information was available
as of Monday afternoon.
* Refining margins are reasonably solid in Europe and
lacklustre in Asia, a trader said, although other traders say
demand from the latter region which absorbs most Angolan crude
has been solid.