Differentials for Nigerian crude neared their lowest in six weeks for some major grades, as an abundance of unsold cargoes around the Atlantic Basin weighed on prices, traders said.
For the past week, North Sea prices in particular have slid as major traders struggle to sell crude from floating storage. Around 40 cargoes of Nigerian crude for loading in August and September are still up for sale, which is around two-thirds of the originally planned amount for the two months, traders said.
Forcados was offered at $1.30 a barrel above dated Brent, down from an offer from Shell at $1.35 late last week, while Bonny Light was said to be holding at $1.35 a barrel. Both grades were closer to $1.50 just two weeks ago.