Loading plans showed on Wednesday that Nigeria’s August loading plan hit its highest since before the early 2016 Forcados force majeure, Reuters reports.
Nigeria’s August exports are planned at 2 million barrels per day (bpd) for the first time since March 2016, adding to the excess of light, sweet crude in the Atlantic Basin. June’s Forcados plan had sold out, traders said, but there were dozens of unsold cargoes from other programmes and traders said some of the Forcados could trade again.
Forcados was offered at premiums of 50 to 75 cents versus dated Brent for July and August loading, but buyers said the values would have to fall until the grade’s reliability became clearer. Maintenance at Nigeria’s Bonga oilfield will run from June 18 to June 30, traders said, causing loading delays of roughly 10 days.