Crude Oil in Nigeria may rise $2pb above Brent in May

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Gladys Nweke

Nigeria’s crude grades may rise above $2 per barrel above dated Brent in May, according to market schedule for May seen by Oil and Gas Reporters.

According to schedule, Exxon Mobil is already offering May’s cargoes of Qua Iboe at dated plus $2.20.

Meanwhile, the country’s cargoes on schedule for April are beginning to clear up at ports after weeks of witnessing low buys at the market. According to traders, cargoes have dropped from around 30 to 20 from the loading programme.

Exxon has sold some April-loading Qua Iboe. Qua Iboe for April was offered at dated Brent plus $1.70 to $1.80 a barrel.

Prices were once up to $2 above dated Brent after incumbent president, Buhari was declared a winner after the general election.

However, traders say Exxon is already offering May’s cargoes of Qua Iboe at dated plus $2.20.

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