Free Trial

Slow Purchases of Nigeria’s Crude for May Loading

OIL

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.