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W. Africa Crude-Nigerian differentials steady, with October programs awaited

Friday, 25 August 2023 | 00:00

Nigerian differentials were steady on Thursday, after high offers were heard for key grades earlier this week.

* Exxon was offering a cargo of Qua Iboe at around dated Brent plus $4.50, a trader said on Wednesday, higher than the last known offer level of dated plus $3.70.

* Forcados was offered at dated Brent plus $5.00 on Tuesday, also above recent offers.

* Traders are still waiting for Nigeria’s loading programs for October, while about half of September’s cargoes are still on offer.

* September official selling prices for Nigeria are also still to come.

* Analysts expect Saudi Arabia to roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, a move that could potentially shore up demand for heavier, sour grades from Angola.
Source: Reuters (Reporting by Natalie Grover in London; Editing by Kirsten Donovan)

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