Nigerian crude overhang slow to clear

Some prompt-loading Nigerian crude cleared on Tuesday but there was still an overhang of at least 25 cargoes of Nigerian grades due to the plentiful availability of light, sweet crude in the Atlantic Basin.

Nigerian September loading Brass River was on offer at dated Brent plus $2, Usan at dated Brent plus 70 cents, Qua Iboe at dated Brent plus $2.245-$2.65 a barrel and Forcados at dated Brent plus $2.25 for early September and close to plus $2.70 for end-month cargoes.

Traders said that Glencore sold a cargo of end-August loading Qua Iboe into the Mediterranean. One said that the cargo was split with some of the oil going to Italy.


Source: Reuters



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