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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.
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