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Mediterranean and WAF Crude Face Short Term Price Pressure

OIL

Prompt supply of Mediterranean sweet and Nigerian crude grades have seen price pressure due to falling refinery margins, according to Bloomberg market sources.

  • A Strong backwardation in Dated Brent is hitting differentials for prompt barrels, according to traders.
  • In the Mediterranean liquidity remains thin as traders hold out for Saudi Arabia’s official selling prices
  • Few Nigerian spot barrels have traded hands with current offer levels thought to be too high, Bloomberg said.

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