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Crude values for Nigeria's Akpo fall amid weak demand

Increase font size  Decrease font size Date:2014-06-03   Views:400
Nigerian light sweet crude Akpo has seen its values fall sharply amid weaker demand because of a drop in refining margins, trading sources said Thursday.

About a month ago at the start of the trading cycle of the Nigerian June loading program, demand for naphtha-rich Akpo from Asian, European and South American refiners was healthy.

But in the last two weeks, demand for this grade has fallen amid a fall in naphtha cracks and declining refining margins.

June Akpo cargoes were being offered at Dated Brent plus $1.70/barrel in early May but by late May the last two Akpo June loading stems were heard traded well under Dated Brent plus $1/b.

Akpo was assessed at Dated Brent plus $0.90/b Wednesday, a fall of $0.30/b since last Thursday. This is also the weakest value for Akpo since April 28, Platts data showed.

On Thursday afternoon, sources pegged Akpo closer to Dated Brent plus $0.80/b.

Sources said the last end-June Akpo cargo was sold at levels close to Dated Brent plus $0.70/b though details of this trade could not confirmed by the participants involved at the time of writing.

But all traders acknowledged the market was looking much weaker than seen recently.

"[It is] a terrible market, under a lot of pressure with margins so poor," said a trader.

Sources said offer levels for the Nigerian July cargoes, however, were also on the high side, with Akpo being offered at Dated Brent plus $1.50/b, while Bonny Light was being offered at Dated Brent plus $3.20/b.

"The market is pretty lethargic, with awful [refining margins]," said another trader.

 
 
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