About 15-20 June-loading Nigerian cargoes are still available, along with more than half of July’s 54 cargoes. Nigeria bulletin Reports say new sales were slow to filter into the market due to a persistent overhang of Atlantic Basin cargoes.
Traders said there were some positive signs emerging, including a narrowing in the spread between Brent and U.S. WTI crude, which could enable arbitrage to the West.
But with at least 14 million barrels of June-loading Nigerian crude still seeking an outlet, traders said the focus would likely be Europe, where strong refinery margins are expected to spur strong run rates through the summer.
