Thursday, May 13, 2021

W. Africa Crude-Nigerian diffs hold, but competing grades start to cheapen

Must read

Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

LONDON, Feb 26 – West African differentials held steady on Tuesday as potential sellers held off from cutting their offer prices despite fairly broad-based weakening across light, sweet crude markets.

A series of upcoming tenders, including from Taiwan’s CPC, has also deterred some spot activity, leaving Nigeria’s Qua Iboe indicated unchanged at a premium of around $1.85 a barrel to the dated price.

State-run Sonangol sold out of its April cargoes of Angolan crude within days of allocating term cargoes, as refiners in China are snapping up supplies of distillate-rich crudes to replace missing volumes from Iran and Venezuela, which have fallen under U.S. sanctions.

Possibly undermining the Nigerian market was a broad decline across similar light, sweet grades in the North Sea, where Forties and Brent declined this week and the Mediterranean, where differentials for Azeri crude, a direct competitor, are now roughly at parity with Bonny Light and Qua Iboe for the first time since at least November. (Reporting by Amanda Cooper; editing by David Evans) ))

- Advertisement -spot_img

More articles


- Advertisement -spot_img

Latest article

WP to LinkedIn Auto Publish Powered By :
%d bloggers like this: