US Demand For Nigeria’s Crude Oil Weakens Over Harvey

US Demand For Nigeria’s Crude Oil Weakens Over Harvey

U.S. demand for Nigeria’s crude oil has slowed due to Hurricane Harvey that first struck the state of Texas last week.

According to a trader who spoke to Reuters, U.S. demand has waned because of the storm, which could put downward pressure on differentials.

Nigeria’s Qua Iboe crude was reported to have been offered at dated Brent plus $1.65 on Thursday. The cargo was traded but further details were not available as at time of filing this report.

Traders who spoke with the newspaper also said there were just over 50 cargoes in total available from the September and October programmes.

Meanwhile, on Thursday, Indian Oil Corp awarded its tender to buy Nigeria’s crude for loading Nov. 1-10, accepting end-October barrels.

Also, Glencore is thought to be supplying Nigerian crude while Shell is providing Agbami and Kissanje.

Indonesia’s Pertamina was also reported to have closed a buy tender for November-delivery cargoes on Thursday. The result did not emerge immediately.

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