Nigeria Sells Bonny Light, Qua Iboe Crude at Premium
Offers for light sweet Nigerian crude continued to climb Tuesday as fuel demand in Europe and the United States rose on the back of the summer driving season.
Traders said that Bonny Light and Qua Iboe crude were offered for around dated Brent plus $2.40, with Western buyers making up much of the demand.
It is noted that offers rose by about 50 cents compared with two weeks ago, as steady buying reduces a sizeable overhang in Nigerian supplies.
Meanwhile, at least eight cargoes of August-loading Angolan crude remained unsold in trading roughly on par with the previous trading cycle.
Chinese demand is seen steadily increasing for the rest of this year but consistently lackluster manufacturing data has raised doubts whether physical oil purchases will stay consistent in the short term.
Elsewhere, state-owned Nigerian National Petroleum will launch an initial public offering “soon”, its group CEO said on Tuesday after securing the backing of Nigerian President Bola Tinubu. #Nigeria Sells Bonny Light, Qua Iboe Crude at Premium#