Refinery maintenance in Asia, Europe weighs on Nigerian crude differentials

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Seasonal refinery maintenance in Europe and Asia, which is set to peak over the next month, has been weighing on demand and differentials, particularly for Nigerian grades, Reuters reports.

No fresh deals were heard with an overhang of mainly Nigerian grades building up ahead of the release of May loading programmes next week.

Cargoes of Bonga were selling slowly owing to high asking prices at around dated Brent plus $1.30. Many cargoes of Escravos were still available and Vitol has not yet surfaced with firm offers on their cargoes.