Nigerian Cargoes Slow to Trade amid Uncertainty

An excess of Nigerian crude oil weighed on differentials on Tuesday, while buyers were made more wary due to a threatened increase in hostilities by militants in the oil-producing Delta region.

Reuters report that a variety of Nigerian crudes were experiencing loading delays, including Qua Iboe, Erha, Usan and Bonny Light. The issues made them less attractive to potential buyers, traders said, and there were some 30 February-loading cargoes left.

A threat from militants to resume hostilities has also raised concerns about further disruptions to supplies.

Nevertheless, refiners in Canada and the United States showed some interest, with Monroe Energy, Irving Oil and Philadelphia Energy Solutions booking vessels to carry Nigerian oil west.

Category: 
myfinancialintelligence.com