Trading
sources over the weekend have disclosed that a few oil vessels will be heading
to U.S refineries from Nigeria, signaling resumption of importation from
Nigeria.
Two Nigerian
grades, including at least two cargoes of flagship crude Qua Iboe as well as
Bonga, were said to be heading to US east coast refineries as well potentially
down to the US Gulf Coast, traders said.
“It is bits
and pieces, not massive flows,” one crude trader told US-based energy
publication, Platts.
Exports of
Nigeria’s major crude grade, began plunging rapidly from July 2014 to zero
level by the end of 2014 as a result of increased shale oil production by the
US.
India and
Europe have emerged as the largest markets for Nigerian crude, while the OPEC
member still struggles to dispose of its oil to the US leading to a growing
overhang of unsold Nigerian cargoes but there seems to be changing fortunes for
the country’s crude.
One cargo of
Nigerian crude is heading over regularly to the Delta Airlines refinery in
Trainer, Pennsylvania, while Philadelphia Energy Solutions (PES) was also heard
to have bought Nigerian crude, including an end-September loading cargo of
Bonga and, potentially, a cargo of Qua Iboe.
Shipping
fixtures seen by Platts showed PES, Exxon and Statoil chartering vessels to
take West African barrels to the US for end-September loading cargoes, and
traders have said Vitol’s October 3-4 loading Qua Iboe cargo was also heading
to the US.
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