Nigerian crude traded at a premium, above $80 a barrel, despite moderation in China's inflation rate and an opaque situation surrounding the country's economic stimulus plans, which have triggered concerns about energy demand in the world's biggest crude oil importer.
Nigeria’s Brass River, Bonny Light, and Qua Iboe have edged much higher than the current Brent contract amid supply concerns over Libya and a smaller-than-expected draw in U.S. crude oil inventories, which depleted demand expectations.
Nigerian crude contracts were little changed on Friday but were set to rise for a second week amid signs of improving demand and tight supply, despite an uptick in the dollar's value
Nigeria’s Brass River, Bonny Light, and Qua Iboe are trading above $81.55 a barrel, about two dollars higher than the active Brent contract.
Nigeria’s Brass River, Bonny Light, and Qua Iboe are trading above $85 a barrel, a dollar higher than the active Brent contract.
Nigeria Brass River and Qua Iboe traded close to $92 a barrel while Brent Crude at the time of writing traded at $89 per barrel.
Nigeria oil sold at a premium on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, a shrinking U.S. rig count added to upward price pressure.
All Nigeria's major crude oil terminals, including Bonny, Brass, Qua Iboe, Forcados, Escravos, Odudu (Amenam Blend), and Tulja-Okwuibome, experienced production increases between April and May 2023.
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Brent crude futures closed at $62.43 after rising to an intra-daily session high of $62.83, the highest price level since Jan. 22, 2020
ExxonMobil has lifted a force majeure on Nigeria’s Qua Iboe crude oil exports as production resumes.
Brent crude prices dropped over 1% trading at $40.68/barrel, while West Texas Intermediate also dropped over 1% to trade at $38.63.
