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Crude supply glut continue to persist in the market. According to plats ship tracking software cFlow, a wave of Nigerian crude tankers are heading for Europe in search of buyers.
- Greater supplies from Middle East, have barred Nigerian traditional customers like Brazil, Indonesia and South Korea is keeping West African Light Sweet at bay.
- India, biggest buyer of Nigerian crude is taking supplies in short amount as refineries are expecting further discounts from West African producers.
West African differentials have been falling over last month as buyers expects lower prices.
This will exacerbate current crude contango, as supply remains deep pressuring spot.
Supply situation is quite grave according to plats.
- March cargoes are still on the water looking for buyers and Chunk of April oil is outstanding despite being close to loading time. Cargoes are reported to be floating to Europe now in search of buyers. Only 25% of the May crude has been placed. Nigerian crude is trading in $1.80/barrel discount to Brent.
Crude oil buyers, the refineries remain in control over the price as multiple grades are offering discounts as supply remains large.
Current supply overhang will not only lower the grade prices to dated Brent or WTI, they will keep pressuring the benchmarks. Brent is currently trading at $56.5/barrel, up 0.82% today.
