Nigerian crude sellers raise offer levels amid US-China trade war

Differentials for Nigerian crude grades continued to firm on Thursday despite persistently high freight rates due to U.S. sanctions on subsidiaries of China’s key shipping company.

Relatively firm refining margins were helping to buoy then market, traders said.

The offered level on the final cargo of Nigerian Escravos loading Dec. 26-27 was raised to dated Brent plus $4.10, up from plus $3.50 earlier this week, a trader told Reuters.

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Exxon Mobil has increased its offer levels for Nigerian Qua Iboe to dated Brent plus $3.60 from plus $2.50 on Monday, traders said. It sold one mid-month cargo this week and still has two end-December cargoes to sell.

Angolan state firm Sonangol sold its 750,000-barrel cargo of Gimboa to India’s Reliance after offering it at around dated Brent plus $2.00.  

Less than 15 Angolan cargoes remain from the December programme.

Meanwhile, Indian Oil Corp closed a buy tender for West African crude loading Jan. 1-10. Vitol was said to be the winner though grade details did not immediately emerge.

Turkey’s Tupras bought a cargo of Bonny Light loading Dec. 10-11, delayed to 16-17, via tender from Vitol.