Nigerian crude differentials ease ahead of rising supply

Spot Nigerian crude differentials eased a touch on Thursday, after a series of monthly loading programmes showed exports of the four largest grades will rise to their highest since June.

Loadings of Forcados, Bonga, Bonny Light and Qua Iboe, which underpin the InterContinental Exchange’s West African contracts-for-difference derivatives, will rise to 822,967 barrels per day in November, from a planned 728,258 bpd in October, their highest since June this year.

BP bid for a cargo of Forcados for loading Nov 7-11 at $1.60 a barrel above dated Brent, and for a cargo of Qua Iboe loading Oct 20-24 at a premium of $1.50 a barrel. This was lower than recent indications of around $1.70 for Qua Iboe and $1.75 for Forcados.

Other programmes to emerge were Agbami, Antan, Erha, EA, and Escravos programmes. Four traders said that possible buyers were still waiting for the Nigerian state oil company to allocate cargoes once all the loading programmes have emerged.

Source: Reuters

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