Nigerian oil was underpinned by strong margins for petrol and middle distillates despite several European refineries issuing maintenance plans, which will eventually curtail their demand for oil, Reuters reports.
Demand was particularly strong in Europe and the U.S. for petrol and distillate-rich cargoes, despite the coming refinery maintenance season. On Monday, Total booked two Suezmaxes, while Chevron booked one, to carry crude to Europe for February loading.
Offers were seen climbing for light sweet grades, with Qua Iboe selling quickly even with asking differentials $2.20 per barrel above dated Brent. Others said distillate-rich Forcados was offered at even stronger differentials above $2.50 per barrel premiums.