Louisiana Light • 3 days | 75.78 | -0.87 | -1.14% | |||
Bonny Light • 1 day | 75.03 | -3.52 | -4.48% | |||
Opec Basket • 3 days | 79.69 | -2.90 | -3.51% | |||
Mars US • 34 days | 79.71 | -2.05 | -2.51% | |||
Gasoline • 10 mins | 2.038 | +0.008 | +0.38% |
Bonny Light • 1 day | 75.03 | -3.52 | -4.48% | |||
Girassol • 1 day | 75.26 | -3.62 | -4.59% | |||
Opec Basket • 3 days | 79.69 | -2.90 | -3.51% |
Peace Sour • 8 hours | 53.13 | -2.94 | -5.24% | |||
Light Sour Blend • 8 hours | 56.98 | -2.94 | -4.91% | |||
Syncrude Sweet Premium • 8 hours | 61.58 | -2.94 | -4.56% | |||
Central Alberta • 8 hours | 55.13 | -2.94 | -5.06% |
Eagle Ford • 3 days | 69.52 | -1.03 | -1.46% | |||
Oklahoma Sweet • 3 days | 69.50 | -0.75 | -1.07% | |||
Kansas Common • 2 days | 62.50 | -0.75 | -1.19% | |||
Buena Vista • 3 days | 79.16 | -1.03 | -1.28% |
Prince Abdulaziz said on Monday…
We think it’s a mistake…
Traders operating in the oil markets that deal with Nigerian crude have announced that at least 21 Nigerian crude cargoes, 31 percent of output, which will be ready for loading in February, still remain unsold. The drop in sales is caused by a lack of demand due to increasing shale oil output from the US, and a reduction in refining margins from Europe.
The loading programs show the schedules of crude shipments that have been drawn up by field operators, and are released in advance for each month to help traders plan their supply, buying, and selling activities.
Related Article: Hunger Strike Puts Spotlight on Canadian Crude
The 21 unsold shipments waiting for export next month consist of: six loads of Qua Iboe (Nigeria’s benchmark grade crude oil), four loads of Brass, three of Forcados, two of Bonny Light, two of Erha, another two of Usan grade crude, and then one load each of Abo, and Yoho crude oil.
As the US begins to produce more and more tight oil from shale formations its demand for foreign supplies continues to fall; imports of Nigerian crude are expected to fall to their lowest in 27 years. According to Bloomberg, in order to avoid over supplying the market or being left with unsold crude loads, Nigeria, Africa’s largest oil producer, plans to cut back its exports in February to 67 cargoes, around 2.19 million barrels a day, compared with 75 cargoes that it has produce for export this month.
By. Joao Peixe of Oilprice.com
Oil Prices Fall Further As U.S. Crude Oil Inventories See Major Build
Venezuela Orders “Immediate” Start of Oil Exploration in Disputed Territory
Second Israel-Linked Vessel Seized in the Gulf of Aden
Crude Oil Tanks Nearly 4% as US Output Overshadows OPEC
OPEC Said To Consider Additional 1 Million Bpd Output Cut
ADVERTISEMENT
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com