Nigerian crude suffers along with European margins

Price offerings for Nigerian light sweet crude have eased in recent days, traders said, as refining margins for European gasoline finished the week sharply down.

European refiners sought to offload gasoline tailored to summer specifications and cracks ended the week down on Friday.

Asking prices for major grades have eased, traders said, with Bonny Light edging well below a premium of $3.00 compared to dated Brent.

Traders said the differentials were still too high to justify purchases, as North Sea crude provided affordable competition.

Traders noted a sharp uptick in exports of Nigerian oil to the U.S. West coast this year, by passing the U.S. shale boom, but warned that the favourable export window may have closed.

 

Source: Reuters

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