Crude differentials firmer as Nigerian December cargoes find buyers

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The number of unsold Nigerian November crude cargoes has dwindled this week and traders said December cargoes are finding buyers, Reuters reports.

Firm differentials for Mediterranean light, sweet crude are lending the Nigerian market support, a trader said. Chevron bought a Bonga cargo from Shell and Exxon was heard to have bought a Bonny cargo, a trader said. Further details were not available.

Differentials looked stable to a bit higher. Qua Iboe was last heard on offer at dated Brent plus $1.30 a barrel, 5 cents higher than a level reported on Monday. Indian Oil Corp. was also heard to have bought a cargo of Escravos in a prompt tender. Further details did not however emerge.