Little fresh trading surfaced on Nigerian crude as buyers pressed for lower differentials on medium and heavy grades and sellers of Nigerian oil kept firm premiums.
Roughly half of Nigeria’s May loading plan of 1.86 million bpd had yet to trade, along with some April-loading cargoes. A total of 64 cargoes of crude are expected to load in May, as well as three cargoes of Akpo condensate.
Still, sellers had now lowered their offer levels for Nigerian grades, which were as high as $1.70 above dated Brent for Qua Iboe. Traders said differentials for grades such as Bonny Light and Forcados were likely close to premiums of $1.50 per barrel.