United States (U.S.) crude oil imports from Nigeria in July plunged to its lowest level in three years and are continuing to slip, as Asian and European buyers increase purchases, trade flow data from Thomson Reuters and market intelligence firms, Genscape and Kpler, indicated.
A narrowing spread between benchmark Brent and Oman crude futures, trading at less than $2 a barrel compared with more than $4 in May, has made Nigerian crude more attractive to Asian buyers than U.S. refiners.
World Energy News, quoting Thomson Reuters trade flow data, said Nigerian crude exports to Asia hit 664,000 barrels per day (bpd) in July, the highest in two years. That shift, cut Nigerian crude arriving at the U.S. East Coast in July to 1.3 million barrels, or about 43,000 bpd, the lowest since June 2015.
That was down from 7.3 million barrels, or 244,596 bpd, in June, according to the trade flow data. The decline is poised to continue. August U.S. arrivals from Nigeria are tracking to 91,800 bpd, according to the flow data, down from 242,000 bpd in the same month last year.
Source: Energy Mix Report