The excess of Nigerian oil weighed on its differentials, with roughly 70 million barrels across July and August still seeking an outlet, Reuters reports.
Nigerian differentials came under pressure from excess oil supply still available. While prompt cargoes had cleared, there were at least 15 July-loading cargoes available, as well as the bulk of the 67-cargo August crude oil loading plan and three Akpo cargoes.
Force majeure remained in place on Bonny Light, which sources said had removed about 100,000 barrels per day (bpd) from the market. That had offered limited support for Bonny Light differentials. Traders were offering Qua Iboe and Forcados at premiums as high as 80 cents versus dated Brent, but traded levels were significantly lower.