Cargo offer differentials softened slightly this week for Nigerian crude, though barrels continued to trade relatively quickly. Strong demand from refineries worldwide was keeping all West African grades selling quickly relative to recent months, Reuters reports.
Several cargoes had traded in recent days, but differentials were softening from the highs of recent weeks. Exxon had sold a cargo of Qua Iboe, and while the sale price was not clear, offer levels had fallen back to dated Brent plus $1.60 a barrel from as high as $1.70 the previous week.
Just under 28 million barrels for September loading were left to trade, with demand still coming from refineries in Europe and the United States that were running at full steam on the back of strong margins. Bonny Light remained under force majeure, but cargoes were still loading.