Nigerian benchmark crude oil differentials

Nigerian benchmark crude oil differentials rose sharply on Monday on the back of strong demand from refiners in both the U.S. and Europe as traders eyed tighter future supplies. The release of 30 million barrels on light, sweet crude in the United States from strategic reserves this month has virtually halted arbitrage flows to the United States but traders said that some exports may resume for September-loading. “Cargoes were sold at their offer levels late on Friday,” said a west African crude oil trader. “September loading will probably be past the point where SPR will play a role. Some term barrels will go even if there are no speculative barrels.”Qua Iboe: assessed at around dated plus $2.40. Two cargoes from loading in early September have been sold at this level at undisclosed levels, traders said. >Oil and Gas Press ]]>