Sometimes it's good to be patient and watch event unfolds before making submission. Thought "they" said the US trip was fruitless.

A few cargoes are said to be heading to US refineries from Nigeria, trading sources said at the weekend.

Two Nigerian grades, including at least two cargoes of flagship crude Qua Iboe as well as Bonga, were said to be heading to US east coast refineries as well potentially down to the US Gulf Coast, traders said.

“It is bits and pieces, not massive flows,” one crude trader told US-based energy publication, Platts.
Exports of Nigeria’s major crude grade, began declining rapidly from July 2014 to zero level by the end of last year following increased shale oil production by the US.

India and Europe have emerged as the largest markets for Nigerian crude, while the OPEC member still struggles to dispose of its oil to the US leading to a growing overhang of unsold Nigerian cargoes but there seems to be changing fortunes for the country’s crude.

One cargo of Nigerian crude is heading over regularly to the Delta Airlines refinery in Trainer, Pennsylvania, while Philadelphia Energy Solutions (PES) was also heard to have bought Nigerian crude, including an end-September loading cargo of Bonga and, potentially, a cargo of Qua Iboe.

Shipping fixtures seen by Platts showed PES, Exxon and Statoil chartering vessels to take West African barrels to the US for end-September loading cargoes, and traders have said Vitol’s October 3-4 loading Qua Iboe cargo was also heading to the US.
Traders cited the narrower Brent/WTI spread and good US refining margins as the main factor pulling Nigerian barrels.

“I think Qua works because of the arb and margins,” a crude trader said. “The arb is low enough for [refineries] with good jet margins to buy it.”

While flows of Nigerian crude to the US during June and July were partly driven by high prices for domestic light sweet crudes, such as Louisiana Light Sweets, that has not been the case for the recent moves.

“US grades have really been sideways all week,” said one US crude trader. “The biggest change has been in the arb.”

The spread between Brent and WTI has narrowed over the past week, with the October contracts’ spread as narrow as $2.96/b, the lowest since June 30.

European refiners have been the main buyers of Nigerian crude in October so far due to good refining margins on the continent but other light sweet crudes in the North Sea and Mediterranean are coming off and could compete, traders also told Platts.

As a result, Nigerian crude could continue to flow to the US, traders said, especially as values were starting to come under pressure again with November’s program likely due out next week and at least 30 million barrels still available for October.

http://www.dailytrust.com.ng/news/business/us-resumes-crude-oil-imports-from-nigeria/110760.html

Yaaaay...

Finally, some good news. I hope no strings attached? Not the one that tomorrow now, we'd be surprised to see same sex marriage approved, and lai Mohammed will come tell us that Lord Bubu never said he'd uphold the law as signed by GEJ.


Anagha asi nwata ya sa ahu, o saba afo ya - Abraham Lincoln.

First to comment, nothing special here sha. I was wondering why Lord Bubu will not just forget this oyel sales (since Iran is coming on board soon) and support other source of income.

For example, Innoson (some folks West of the Niger should wait let me finish na)... Support the man, make it a global brand like other countries do, and in turn make your monies from their sales proceed.

Soon, Innoson may start designing aircrafts... Who knows? But then, he's Igbo right? What was I thinking sef?... Ok can we try exportation of cows? Groundnuts, fufu, anything... Biko

[size=18pt].. Proudly 5%[/size]

you mean am

False information. Besides with how much a barrel. When Iran is planning of coming on board. Make we continue to deceive our self with the SS and SE oil. Make una no go sell tomatoes and cocoa powder to take make money.

Good news

Build us functional refineries and that's all we ask. Damn US!


If they should see our crude, then we should be selling to them and not them refining for us.

Propaganda+lies = APC

Oil from de 5% percenters BIAFRA is so so strong beyond dere imagination. even if dey take all our lives to the white ppl to refine for dem is well bt @ de fullness of time De zoo must fall

Dahts gudnews en ahope dis trend doesn't start an E-war btwn da pdp en apc forum here

Sai Baba BuBu come rain come sunshine.

Kakistocracy!!! Must US buy oil before we survive?

I don hear.

God bless my President. Now we are getting our pride and glory back.

another bad news for the enemies and political abobakus.

we are behind u Mr president

jimi4us:
False information. Besides with how much a barrel. When Iran is planning of coming on board. Make we continue to deceive our self with the SS and SE oil. Make una no go sell tomatoes and cocoa powder to take make money.

jimi4us:
GEJ our man of the year. GEJ while you are away, buhari is speaking English he leant with Hausa language. kuroption( corruption) and ensuar(ensure)

^^^^^^^


Unpatriotic and disgruntled biafra villager ALERT....

aresa:







^^^^^^^


Unpatriotic and disgruntled biafra villager ALERT....

then take your eyes off our wealth. Snakes

What happened to the almighty SHALE oil?

Who knows what changed their mind or the t&c pelted to PMB.



Just an indication that America never liked the previous government for whatsoever reason.


Hope Pa Buhari isnt azzlicking that yeye country called America all in the name of working hard.

This is what happens when a leader has direction and integrity. Good development atleast this will give our economy a boast !!!

[s]

jimi4us:
then take your eyes off our wealth. Leeches

[/s]


den swear for you villagers never to make sense ni?

Basildvalour:
Build us functional refineries and that's all we ask. Damn US!


If they should see our crude, then we should be selling to them and not them refining for us.

Do u read d news at all?Pls do next time,so that u will save urself some embarrassment.

miki1:
Propaganda+lies = APC

Propaganda n lies are making our lives berra n we having hope.

Wailing wailers!!!!!!!!!Food don done ooooo.Hope U pple remembered d US visit?

Nigerians should not get carried away

Due to the fall of crude prices, shale oil production has become unprofitable. As such, US has resumed increased import of foreign crude oil but at a pre-agreed cheaper rate than global prices.

The US resumed crude import came at a price. The first is sales at rates cheaper than global prices and the second is the installation of Ex Mobil Director Kachikwu as NNPC GMD to protect American interest.

A careful look at the write-up indicates that the onshore crude being purchased is Mobil's Qua Iboe crude (american interest) and the other unsaid story is that its currently being sold at $29.60 below global prices of $45+.

Enough of the noise, Nigeria aint gaining.

knostbrown01:
Kakistocracy!!! Must US buy oil before we survive?

Everybody want's to comment even when they have nothing salient to contribute.Smh!

Some respite
The sure way to go is diversification into agriculture, solid minerals, marinetime amongst others or we shall keep seeing the crash in crude oil prices and lack of buyers as alternatives are being developed.
Our over reliance on crude oil is a disease we must cure now or never

[size=18pt]All wars are bankers wars![/size]

Jonathan was one of many victims of an ongoing currency war between America and BRIC nations.

America's only strength today is the worthless dollar. Dump the dollar and watch America collapse.

This is why they took out Qaddafi, Chavez and are fighting Assad .

When Jonathan wisely opted to diversify our reserves in other currencies and precious commodities and was moving more and more closer with China, the US hit back with Boko Haram and suspended buying our crude as well as getting their evil ally Saudi Arabia to flood the market with too much oil.

The US stance was and still remains that if we choose to diversify our reserves from the dollar, they will stop buying our crude. That is the simple truth and it had nothing to do with Fracking or any useless amnesty report or phantom missing girls.

Buhari and the APC were specifically propped and supported by the US to steer Nigeria back to neocolonialism controlled from Wall Street!

Just wait and see Buhari take out a $50bn IMF/World Bank to ensure that for the next 40yrs we and our grandkids remain slaves to western banks. All the noise about "no money" is specifically geared towards making the average Nigerian accept a bank loan from the IMF! If you borrow in dollars you are expected to pay back in dollars and for you to do this you must save in dollars! This is just the tip, as devaluation, redundancy in the civil work force and sale of govt assests and natural resources will follow. Blackstone is already in town shopping for which part of our country they want to buy cheaply!



This is the real motive behind all that change nonsense!

egift:
The Buhari Effect of Advanced Calculus In Governance.

The foolishness of your average APC zombie

[size=14pt]Fake APC propaganda news[/size]

WombRaiders:
The foolishness of your average APC zombie

Thank God you did not claim it is Jonathan's effort that made it happen. Have a nice day bro.

I pray this is true and if so, thanks be to God Almighty