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WAF Crude Prices Edge Up

OIL

Nigerian crude differentials ticked up Feb. 9 as grades were competitive against US and European grades, traders said told Reuters cited by XM.

  • Bonny light and Qua Iboe cargoes were seen offered around Brent plus $2.50/b.
  • Purchases of light and medium sweet Nigerian grades were consistent in both the US and Europe and were competitive against WTI and CPC grades.
  • Traders are watching for further purchases of Nigerian grades by the Dangote refinery as the facility is expected to deliver its first fuel to the domestic market within weeks.
  • When fully operational, Dangote is expected to exceed Nigeria’s gasoline imports until 2040, Platts said.
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