US Demand for Nigerian Crude Rises

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Nigerian crude oil differentials were stable on Thursday, with traders saying that demand from Europe and the United States has offset weaker demand from Asian buyers.


According to Reuters, traders said purchases of Nigerian oil for October from the US were at significantly higher levels than for earlier months.

The Nigerian National Petroleum Corporation (NNPC) had raised its official selling price for Bonny Light to dated Brent plus 60 cents and Qua Iboe to dated Brent plus 94 cents.

Nigerian oil is well suited to meet a gap in the market met by what some analysts see as lower production on shale oil.

Traders were waiting to gauge whether demand for November-loading Angolan cargoes would be any better than that for October.

Differentials for October fell due to a sharp drop in demand from China.
Angola is set to export 55 cargoes, about 1.77 million barrels per day (bpd), of crude oil in November, down from 1.83 million bpd planned in October, a provisional loading schedule showed on Thursday.

Culled from: http://www.thisdaylive.com/articles/us-demand-for-nigerian-crude-rises/220557/

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