No offers for Nigeria’s crude

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 last 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.

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