Surplus Nigerian crude cargoes drag on spot trade and differentials

An overhang of unsold cargoes kept differentials for Nigerian grades stagnant on Wednesday as potential buyers waited for prices to drop, given the size of the surplus and the forthcoming January loading programmes.

Exxon and Oando were among those offering December-loading cargoes of Bonny Light and Qua Iboe this week at premiums around $1.75 a barrel to the dated Brent price but found no buyers.

Fewer than a dozen cargoes were thought to be left from Nigeria’s December loading programme. The first January programmes will emerge in a week’s time.

Source: Reuters




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