Operator Royal Dutch Shell lifted the force majeure in place on exports of major Nigerian grade Bonny Light, as tight global oil supply encourages sellers of Nigerian crude to offer many varieties at all-time high prices.
Feeding the Bonny Light terminal, the Nembe Creek Trunk Line has been struck by three outages this year, worrying traders, although loading delays have only been around five days.
Around 20 Nigerian cargoes still remain from the June programme, while Nigeria’s new programmes are due next week.
Demand is seen to be strong in Western markets given relatively high European gasoline cracks and the transition to a more expensive gasoline blend for the U.S. summer driving season.
U.S.-based Marathon Petroleum is set to take a VLCC of a West African grade to the U.S. Gulf coast, loading in June, its third such shipment in three months.
Qua Iboe was heard to be offered at dated Brent plus $2.70, Forcados at dated Brent plus $3.40 and Escravos at dated Brent plus $3.30 a barrel.
The IEA cited economic deceleration in Nigeria, along with Brazil and China, as contributing to reduced global oil demand. The Paris-based organisation also pointed to reduced demand by India and Indonesia — key buyers of Nigerian oil.