Nigerian crude differentials under pressure from ample supply

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Nigerian differentials have remained under pressure from ample supply. Around 30 January-loading cargoes are still available even as the February programmes have started to emerge, Reuters reports.

The Qua Iboe programme for February has still not been issued, a trader said, although some traders may have been allocated cargoes. Qua was last on offer at dated Brent plus $1.20, although a trader said the value was below dated plus $1.00 given ample supplies.

The reason for a drop in Bonga loadings in February appears to be planned maintenance at the oilfields, a trader said. Turkey’s Tupras is running a tender to buy West African crude, mostly Nigerian grades.

The tender is for cargoes delivered on Feb. 1-10. Indian refiner BPCL is running a tender to buy crude loading Jan. 26 to Feb. 5, including Agbami, Akpo, Yoho, Brass River and Qua Iboe. It closes on Dec. 22.

 

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