W/Africa Crude-Nige­rian un­der pres­sure, For­ca­dos sched­ule is­sued

Daily Trust - - REUTERS -

Nige­rian crude oil pre­mi­ums were un­der down­ward pres­sure on Mon­day due to am­ple sup­plies and sea­son­ally low de­mand, al­though doubts about the prospect of higher Libyan ex­ports lent sup­port.

A load­ing pro­gramme for For­ca­dos crude was is­sued, traders said, in­creas­ing the num­ber of Nige­rian car­goes for ex­port in May to 61 from 55 pre­vi­ously. Around 15 to 20 of these are still avail­able.

“Even though mar­gins are not so bad, it seems the de­mand is quite low,” a trader of Nige­rian crude said. “But people don’t re­ally be­lieve that Libyan will come back.”

There were mixed sig­nals on Mon­day over Libyan sup­plies. Libya’s western Zawiya oil port was op­er­at­ing nor­mally, while the east­ern Zueitina out­let was still not un­der govern­ment con­trol.

In Nigeria’s Qua Iboe, no of­fer level heard yes­ter­day. Val­ued at around dated plus $2.30 by one trader, at the low end of Fri­day’s dated plus $2.30-$2.40 range. There are six For­ca­dos car­goes load­ing in May, which traders said were mostly de­layed April ship­ments. Brass River and Erha were among the other grades still thought to be avail­able.

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