Traders reported that some Nigerian crude grades saw increased offers for April loading on Tuesday, while the Angolan market remained stable. For Nigerian Forcardos, the offer for loading between March 27 and 28 reached dated Brent plus $3.50 per barrel. In a further increase, a cargo scheduled for April 25 and 26 was offered at dated Brent plus $3.80. Additionally, Bonny Light for April 23 and 24 was offered at dated Brent plus $2.50, maintaining stability in the market as traders had previously estimated its value.
Furthermore, Bonga oil for April 27 and 28 was offered at a higher price of dated Brent plus $4.30. Meanwhile, Erha crude for April 24 and 25 was indicated as available, although no specific offer price was mentioned by traders. In the Angolan market, the situation remained relatively steady. Cabinda, a prominent crude grade, was last available at dated Brent plus $2.20.
Other grades, such as Sangos and Olombendo, were also offered, with Sangos priced at dated Brent plus 75 cents and Olombendo at dated Brent plus $2.50, reflecting consistency in the pricing dynamics of the region. Overall, the trends observed in the Nigerian market suggest a cautious optimism among traders, as higher offers could indicate tightening supply or increasing demand for these crude grades. Conversely, the Angolan market’s steadiness may imply a balance between production and consumption rates.