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Slow Purchases of Nigeria’s Crude for May Loading

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Purchases of Nigeria’s Crude for May loading are slow with as much as half of cargoes for the month still for sale, according Bloomberg sources.

  • Between 25 and 27 crude cargoes for loading in May crude are still available for purchase with at least 53 shipments scheduled for the whole month, according to Bloomberg data.
  • More than 30 cargoes were unsold on April 12 as declining refinery margins are impacting Nigerian crude sales.
  • Angola’s last few May cargoes are also suggesting sluggish sales.
  • India’s IOC purchased about 4mbbls on US WTI midland crude for May loading last week skipping an option of West African supply for a third straight time.
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Purchases of Nigeria’s Crude for May loading are slow with as much as half of cargoes for the month still for sale, according Bloomberg sources.

  • Between 25 and 27 crude cargoes for loading in May crude are still available for purchase with at least 53 shipments scheduled for the whole month, according to Bloomberg data.
  • More than 30 cargoes were unsold on April 12 as declining refinery margins are impacting Nigerian crude sales.
  • Angola’s last few May cargoes are also suggesting sluggish sales.
  • India’s IOC purchased about 4mbbls on US WTI midland crude for May loading last week skipping an option of West African supply for a third straight time.