Nigeria: W/Africa Crude - Nigeria's July Surplus Gets Smaller

5 July 2017

A surplus of Nigerian car-go for July loading is getting smaller after a drop in differentials boosted demand, traders said on Tuesday. According to Reuters, there were six to seven cargo of Nigerian crude for July loading, down from Monday's estimate of 10-15.

The agency indicated that the number of August shipments remain steady at more than 40. "Qua Iboe, the largest export stream was valued at dated Brent plus 35 cents, the lowest since December 2015. Sellers are targeting higher numbers and August cargo are being offered at dated Brent plus 90 cents.

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