Nigerian crude differentials looked to be weakening on Wednesday, pressured by ample competing supplies and the prospect of higher Nigerian exports, Reuters reports.
Forcados was offered at dated Brent plus $1.70, down 20 cents from an offer reported on Tuesday. Higher U.S. crude exports are weighing on Nigerian crude in general, one trader said, as are signs of higher Nigerian output.
Bonny Light exports look set to rise after repairs were completed to Nigeria’s Nembe Creek Trunk Line. But force majeure on exports still remain in place. The first loading programme to appear for December has scheduled higher output of Qua Iboe, Nigeria’s largest crude stream.