High Nigerian crude prices deter buyers as IOC buys Agbami from Equinor

Differentials for Nigerian crude held around their recent highs on Thursday, but buyers were becoming increasingly reluctant to snap up any cargoes, given the number of unsold cargoes from the previous month’s export programme.

Bonny Light and Qua Iboe for March loading have been indicated as high as $2.50 a barrel above dated Brent, but no trades were said to have taken place at those levels.

There are still around 15 cargoes of crude still for sale from the February programme, which traders said was starting to weigh on the market. Indian refiner IOC bought a cargo of Agbami from Norway’s Equinor for March loading, one trader said.

Source: Reuters

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...