Nigerian crude grades see slow patronage at the port

A review of the ports loading schedule indicates that Nigeria’s crude grades are witnessing low patronage.

Less than 10 Nigerian cargoes are reported to remain from March loading programme, including around 30 April-loading cargoes.

However, fresh tenders have been issued, and traders hope some of the cargoes will be cleared up.

Prices have since bounced back to over $2 per barrel above dated Brent after the country’s presidential election two weeks ago.

Nigeria’s crude grades are preferred among European refiners who appear to be among the largest buyers, thus shooting up prices for the country’s crudes.

SOURCE: sweetcrudereports