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Nigerian Crude Diffs Drop on Europe Refinery Work: Kpler

OIL

European refinery maintenance is strongly weighing on Nigerian crude valuations, according to Kpler.

  • Forcados dropped by $1.50/b in the past month, while Escravos fell by 80 cents/b. Most other grades have also lost ground.
  • The price deadlines are mainly due to lower refinery runs in Europe, which should ease in June as the maintenance season ends.
  • Elsewhere, the Dangote refinery’s current output was seen at around 200k b/d for April and up from 60k b/d in March.
  • Due to rising domestic crude demand, seen at 250k b/d in May and 280k b/d in June, could see H2 exports fall 22% on the year to 1.18m b/d.
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