Nigeria Crude-Qua offered at premium as market rebounds from record low

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New York, May 7 – Nigerian crude differentials showed more signs of recovery from record lows on Thursday,
reflecting a wider rebound in the market on hopes of stronger demand.

NIGERIA
* Nigerian Qua Iboe was on offer at dated Brent plus 75 a barrel, a trader said. On Monday it was assessed at dated Brent minus $4.45, an historic low brought about by a collapse in

demand and excess supply due to the coronavirus crisis.
It was not yet clear if buyers were prepared to pay a premium to dated Brent.
* A drop in freight rates has helped differentials to recover as has Nigeria cutting output as part of an OPEC-led supply cut pact.
* The size of the overhang in May-loading cargoes is coming down, a trader said.

ANGOLA
* Exxon Mobil was offering a cargo of Angolan Girassol at dated Brent plus $1 a barrel, a trader said, the upper end of a range given on Wednesday.
* Many Angolan cargoes are sold ahead of the release of new loading programmes in mid-May.

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