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Nigerian Crude Loadings Slow in July

OIL

Nigerian crude loadings for July have been relatively slow so far according to Reuters sources as an overhang of June cargoes weigh on prices.

  • Qua Iboe: Early-July cargoes are offered at dated Brent plus $1.50, a trader said to Reuters - down from the last known offer of plus $2.00 and at the high end of values for traded cargoes heard last week.
  • Qua was assessed at dated plus $1 on May 21, the lowest in a year according to LSEG data.
  • Around half of Angola’s July loading programme has traded. Angolan Cabinda was offered at dated Brent plus $2.50 and Girassol at dated Brent plus $2.90.
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