Nigeria’s crude got a boost from buyer’s renewed interest and benchmark prices that were firming for a seventh straight day, Reuters reports.
Buying interest firmed for Nigerian crude as differentials remained remarkably low. Qua Iboe, the largest export stream, was holding near its lowest since December 2015. A rare cargo of Agbami was set to sail for Australia aboard the Cap Philippe, booked by Chevron. Vitol had also booked the Rio Grande to carry Nigerian crude to the U.S. Atlantic coast, for loading in mid-July.
Still, an excess kept a limit on differentials, even as sellers began offering Qua Iboe and Forcados at larger premiums of 70 to 90 cents per barrel to dated Brent for July loading. India’s HPCL was also running a term tender, which closes next week, to buy as much as 4 million barrels of Nigerian crude every three months through March 2018.