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Nigerian June Cargoes Starting to Clear

OIL

Nigeria has cleared some of the overhang in its June crude-loading plan as refining activity picks up in Europe for summer according to Reuters sources.

  • Nigeria was left with a backlog of June cargoes on lower demand and competition from sellers of similar light sweet grades in the Atlantic.
  • Between one and three June-loading cargoes are left, a trader said to Reuters on Thursday compared to around 14 last week.
  • Angola's schedule for August-loading cargoes is expected next week, while Nigeria's is expected the week after.

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