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Nigeria Dec Crude Cargo Overhang Remains

OIL

Around 50% of the 44m bbl of Nigeria crude cargoes for December remain available, although the pace of sales appears to be accelerating, according to Bloomberg.

  • A drop in freight rates is helping to shore up demand, with interest for January-arrival cargoes looking more promising as refineries need to replenish stocks from the seasonally low year-end inventories, traders said.
  • On Nov. 10, Pertamina purchased 5m bbl of West African crude grades for Nov/Dec loadings, sources told Bloomberg.
  • WAF crude prices have softened on the week for most grades, with offers for Bonny light at around $2 premium to Dated Brent.
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