Nigerian Crude Cargo Overhang Gets Smaller

Nigerian Crude Cargo Overhang Gets Smaller

Nigerian crude differentials were steady to slightly higher on Monday, supported by a smaller overhang of cargoes, Reuters reports.

Traders had said there was a sizeable overhang of Nigerian crude. Some of this has cleared in part due to Asian buying tenders and at least one company taking cargoes into its own refining system.

At least 30 cargoes of August-loading crude were thought to be available, traders said, down from Thursday’s estimate closer to around 40.

Qua Iboe was offered at dated Brent plus 90 cents, a trader said, 5 cents up from an offer reported on Friday. Fair value was pegged at around dated plus 50 cents, a trader said, up from below that level on Friday.

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