crude oil barrels

Nigerian crude oil differentials were weak on Thursday as a global glut of physical supply encouraged buyers
to choose competitively priced crude from other regions, according to Reuters.

Nearly half of the 63 Nigerian cargoes for October export were still available about a week before November-loading
cargoes come to market.

Strong margins for European refiners failed to provide support for Nigerian crude.

The gasoline crack was at its highest since July, a factor that would normally help lift differentials of the generally
light, low sulphur, gasoline rich Nigerian grades. The overall refining margin in Europe was at its highest in
at least a year according to Reuters data.

    NIGERIA
    * Qua Iboe: Offers for October cargoes are around dated Brent plus $1.30, traders said. Traders expected deals to be
done closer to dated plus $1.
    * Bonny and Brass River cargoes were relatively slow to sell, traders said.
    * Nigeria is scheduled to export about 1.86 million barrelsper day of crude in October, according to loading schedules.

    ANGOLA:
    * Only around five or six October cargoes out of 55 initially offered for sale are still available. November-loading
cargoes are expected to come to market by Tuesday.
    * Dalia: Two cargoes of this grade are for sale and on offer at dated Brent minus $3.00, a trader said.