Nigerian crude under pressure due to weak demand

Nigerian crude differentials stayed under downward pressure on Friday due to ample supply as the coronavirus outbreak limits demand.

Nigeria has about 35 unsold April-loading cargoes due to a drop in demand, according to traders. The state oil company this
week put the total number at around 50.

There is a strong supply of competing crude, a trader said, plus dwindling storage options.

Qua Iboe was last offered at dated Brent plus $2.00 and a trader expected sold prices to go lower.

 

Source: Reuters

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