Nigerian crude remains competitive with Europe, US grades
By Motolani Oseni
Nigerian differentials edged up at the weekend staying competitive with European and U.S. grades, traders said.
Cargoes of Nigerian Bonny Light and Qua Iboe crude were being offered for around Brent plus $2.50 a barrel.
Purchases of light and medium Nigerian crude were consistent in the United States in Europe, traders said and were highly competitive with U.S. WTI and Mediterranean CPC crude.
Nigeria’s newly operating Dangote refinery is due to deliver its first fuel into the local market within weeks, multiple sources told Reuters, in a key milestone toward long-sought energy independence for Africa’s top oil exporter.
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Traders were on the lookout for further crude purchases by the refinery to determine whether operations were due to ramp up and divert further crude flows from the global market.
The speed of Angolan sales appeared to slow somewhat and March-loading supplies appeared unlikely to sell out before new export plans are published as early as late next week.
