Spot trade in
Nigerian cargoes has increased with some high offers and deals done for cargoes
in the April loading program.
Refining margins in
Europe and Asia have both increased significantly compared with
last month due to higher cracks for fuel oil and middle distillates, and this has boosted values for Nigerian light sweets.
last month due to higher cracks for fuel oil and middle distillates, and this has boosted values for Nigerian light sweets.
Sources said Qua Iboe
was offered at Dated Brent plus $3.10 per barrel with a trade done close to
Dated Brent plus $3 per barrel. This is compared to last month when the last
few March Qua Iboe trades were done near to Dated Brent plus $2.20-2.50 per
barrel. Bonga was offered at Dated Brent plus $3.60 per barrel, Forcados at
Dated Brent plus $4.10 per barrel and Akpo at Dated Brent plus $1.40 per
barrel.
There has been some
strong demand from refiners in Northwest Europe and Mediterranean with a couple
of Qua Iboe stems traded recently.
Sources also said
that another reason for a bullish market and increased interest from Europe was
because quite a sizeable amount of cargoes had been covered by Indian tenders.
International Oil
Companies had already bought almost 9 million barrels of West African crude for
April loading so far, more than half of which was from Nigeria, and this was
supporting Nigerian crude values.
BusinessDay
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