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    W. Africa Crude-Dated Brent plunge hits West African oil prices

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    Naija247news Media, New Yorkhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.
    LONDON, April 22 - A plunge in Brent crude oil
    

    futures this week has dragged down the dated Brent benchmark on
    which most physical oil trades and left sellers of West African
    crude especially hard hit.

    * Dated Brent crude, assessed by S&P Global Platts, plumbed
    

    over two-decade lows along with front-month futures contracts
    and stood just below $14 a barrel on Wednesday.
    * That meant prices of physical crude grades around the
    world plumbed new lows, and West African grades – which have
    suffered relatively large gluts and lack of buyer interest due
    to long voyage times – are being offered even more cheaply.
    * Still, traders said, sales continued to be slow as storage
    in many key markets was approaching maximum capacity and
    refinery activity slowed amid economic lockdowns.
    * Sellers of Nigerian Bonny Light and Qua Iboe crude were
    offering the lighter grades for a discount of almost $5 compared
    to dated Brent, traders said.
    * Nigeria’s NNPC was still finalizing official selling prices ahead of June loading programmes, after last month’s
    figures stood at record lows.
    * “We have to cut down, … with or without OPEC output cut
    deal,” Mele Kyari, the head of the NNPC told a local newspaper,
    adding that limited storage would force output curbs.

    * Just over five cargoes of Angolan oil remained for export
    

    in May.

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    the Congo without recommending further action, Eni said on
    Wednesday.
    * At least three Indian refiners have curbed oil imports
    from Middle East producers, including Saudi Arabia, for May
    because of storage constraints as local fuel demand slumped
    following the coronavirus outbreak, company officials said.

    * Stockpiles of crude, along with gasoline and distillate
    

    fuels rose sharply last week as more oil heads into storage due
    to weak demand induced by the coronavirus pandemic, the Energy
    Information Administration said on Wednesday.

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