Nigerian crude diffs supported as lower offers attract buyers

Nigerian crude differentials garnered some support on Tuesday as brisk spot trade mopped up an overhang persisting since late November.

Fewer than 10 cargoes were left from the January Nigerian programmes from more than a dozen the previous day, traders said. The market had been weighed down by a surplus of late-December loading cargoes as well as dozens of unsold January barrels.

February schedules were due to start trickling out as soon as Tuesday following the monthly meeting between Nigeria’s state firm NNPC and producers. Lower offers have helped cargoes to find buyers. Qua Iboe was said to be on offer at a discount of $1.50 a barrel to dated Brent, down from closer to $1.70 two weeks ago.

Source: Reuters

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