Nigerian crude differentials remained strong on Thursday, while the high offer levels and a number of pending buy tenders were heard to be keeping some buyers on the sidelines.
An unplanned outage in Libya, reduced exports from Algeria and a smaller export programme for Kazakhstan’s CPC Blend, as well as an OPEC-led supply cut have helped to boost differentials for lighter West African grades.
Bonny Light and Qua Iboe were being offered around dated Brent plus $2.50, or at a premium of 90 cents to the official selling price, a trader said, steady from Wednesday.
No deals at that level were heard to have been done. A trade at that level would be the highest since 2014, according to Refinitiv Eikon data.