PM News Nigeria


No offers for Nigeria’s crude

Published on February 13, 2016 by   ·   2 Comments
Dr Emmanuel Ibe Kachikwu, OPEC president

Dr Emmanuel Ibe Kachikwu, OPEC president

Offers for Nigerian crude oil dipped on Friday as a high proportion of oil for March export remained unsold and sellers looked ahead to the release of the April programme from next week.

However, activity remained thin, with buyers standing back in the expectation that differentials will fall further due to ample supply of crude globally.

Around 30 to 35 of the 68 cargoes for March export were still available for purchase, with activity this week limited by the IP Week conference in London and Lunar New Year in China.

Lower differentials for crude oil from other regions, particularly Urals and Mediterranean crude have also piled pressure on sellers to lower differentials to encourage activity.

“The mere fact that 35 cargoes are left and Med (differentials are) falling means WAF needs to correct lower,” a trader said.

NIGERIA

* A trader said one cargo of Qua Iboe crude oil had changed hands, with Total buying to load into a VLCC. Differentials were offered at around $1.4 over dated Brent, but were assessed significantly lower.

* Activity in the market is expected to pick up early next week ahead of the April loading schedule which is set to start arriving on Thursday and Friday.

* Weakening gasoline and naphtha and the coming refineries maintenance season set to weigh on demand.

ANGOLA

* Nearly all of the March-loading Angolan programme has traded, but some cargoes were re-offered.

ASIAN TENDERS

* Two IOC tenders are due to be awarded next week, a trader said.

* Thailand’s PTT also has a tender to buy crude oil and some traders said Indonesia’s Pertamina is also looking to buy.

Posted by on February 13, 2016, 2:57 pm. Filed under Business, Business News, Electricity, Oil and Gas. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

2 Comments for “No offers for Nigeria’s crude”

  1. westlife

    Maybe the traders are standing back secretly to avoid buying oil from a criminal and corrupt people of Nigeria.

  2. Purpose driven life

    There is a set time for all events on earth. And Nigeria is facing one of nature’s orders for life to thrive. There is a season when the righteous are highly exalted at the awe and demise of evil doers. Life is in phases and men are in sizes. Africa and Asia needs to be harvested and developed for the earth to be sustained through management practices. Nigeria is very important in Africa and in the world. For this to be, there must be a change in the system of things.
    The future of Nigeria is bright and my seeds will glorify God someday for existing in Nigeria. God bless, preserve and strengthen this government and others to come in fulfilling the purpose of this era.

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