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Relief For Nigeria's Crude Oil Sale As Europe's Appetite Surges

Posted by Lolade on Thu 09th Jul, 2015 - tori.ng

Fresh demand for Nigeria's oil might surface due to a drop in freight rates and a rising Mediterranean light sweet crude market.

There are indications that a fresh demand for Nigeria's oil will emerge following a slip in freight rates and a rising Mediterranean light sweet crude market.

Nigeria’s flagship grade, Qua Iboe, was assessed at Dated Brent plus $0.35/barrel last week, having been trending downwards in recent months from Dated Brent plus $1.80/barrel in March.

After being shut out recently because of high freight and weaker prices for light, sweet Mediterranean grades, West African crude, particularly Nigerian grades, are beginning to look attractive, Reuters quoted un-named market sources.

“Freight is easing, so European refiners are looking at alternatives,” a trader said.