Nigerian crude differentials underpinned by strong margins

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Sellers remained bullish on Wednesday, offering cargoes at high differentials on the back of strong distillate margins, but the focus was on three Indian buy tenders closing this week, Reuters reports.

BP offered a September loading cargo of Qua Iboe at dated Brent plus $1.45 a barrel. Recent offers for Qua Iboe were as high as dated Brent plus $1.50 a barrel. Total was showing one cargo and ExxonMobil was said to have three available.

Distillate-rich Forcados was recently offered as high as $1.70 per barrel above dated Brent, Bonga at a 40 cent premium and Brass at a $1.30 premium. Earlier this week, Shell offered cargoes of EA and Bonga.