Nigerian crude cargoes have received some support from favourable refining margins in Europe. Around 15-20 Nigerian cargoes remained for May loading.
Major Nigerian grades Bonny Light and Qua Iboe continued to be indicated at or above a $2.00 premium compared to dated Brent, which buyers have been reluctant to meet for weeks.
But Nigerian light grades are particular well suited to be refined into gasoline and with European gas cracks at their highest levels since August, differentials could be supported.
Turkey’s Tupras also issued a buy tender for three cargoes for Bonny Light, Forcados or Escravos Nigerian crude for loading between May 25 and June 10.