West African crude oil differentials are likely to slip, while traders were digesting cargo allocations highlighting the reduction that Nigeria’s Dangote refinery is having on the nation’s crude exports.
* Among recent Nigerian crude offers heard were Bonny Light at dated Brent plus $2.60 and Forcados at dated Brent plus $4.25. No update was heard on Friday.
* Differentials generally are likely to weaken, a trader said, citing a slowdown in seasonal demand at this time of year as upcoming refinery maintenance reduces crude demand.
* NNPC will divert five Nigerian cargoes to the Dangote refinery in September, a source said this week.
* Exports of four key Nigerian crude oil grades will average around 758,000 barrels per day (bpd) in September, preliminary programmes seen by Reuters showed, down from a planned 864,000 bpd scheduled to load in August.