French refinery strike

Nigerian crude oil values came under heavy pressure again on Friday as the French refinery strike kept regional crude demand at reduced levels and squeezed down differentials for all grades. Nigeria’s state oil company cut official selling prices for most of its crude grades for November, reducing benchmark Qua Iboe and Bonny Light by 10 cents per barrel to dated Brent plus $1.50, in line with most spot deals for those grades. But there were signs the market was falling with an offer within the afternoon trading window of a Bonny Light cargo for loading in early November at much lower levels. Nigerian loading programmes for December began to emerge with a bigger loading programme for Qua Iboe but a smaller schedule for Bonny Light, Forcados and Bonga