Nigeria Oil Grade Price Slumps Over Heavy Supply
Nigerian oil trading at above market price levels due to its high grade has slumped, according to a differential price report. It is noted that Nigerian premiums fell given the abundant supply of December-loading cargoes, according to Reuters, citing a trader on Friday.
Bonny Light is being offered at a price flat against dated Brent a barrel. In the global market, ICE Brent traded at $81 per barrel amidst OPEC+ members’ conflict oversupply.
It was also noted that Forcados is on offer at dated Brent plus $1.5 a barrel and Erha is in the range of dated Brent plus $1 a barrel, the trader said. Bonny was last heard offered at dated Brent plus $1.75 a barrel, while Forcados was previously offered at dated Brent plus $2.25 a barrel.
Angola’s January loading programme emerged last week, while Nigeria’s January loading programme is expected imminently even as the country has a sizable overhang of December-scheduled cargoes, according to Reuters. #Nigeria Oil Grade Price Slumps Over Heavy Supply
