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

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.