Nigerian crude differentials under pressure due to weak demand


LONDON, March 13 – Nigerian crude differentials stayed under downward pressure on Friday due to ample supply as
the coronavirus outbreak limits demand.

* Nigeria has about 35 unsold April-loading cargoes due to a drop in demand, according to traders. The state oil company this week put the total number at around 50.
* There is a strong supply of competing crude, a trader said, plus dwindling storage options.
* Qua Iboe was last offered at dated Brent plus $2.00 and a trader expected sold prices to go lower.

* Six or less cargoes in the current monthly trading cycle ahead of new programmes due next week.

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