- Oil is trading higher, near $79.40, extending gains from yesterday
- Yesterday, prices jumped following a larger draw on crude inventories than expected and a softer-than-expected inflation report
- Nigerian mega refinery buying large volumes of US oil (BBG)
- Nigeria’s new Dangote refinery is seeking to buy millions of barrels of US crude over the next year as it ramps up to full capacity
- The refinery has issued a tender to purchase 2 MMBbls per month of WTI Midland for the next 12 months
- Supply of Nigerian crude is insufficient or unavailable, forcing the refinery to seek cargos from elsewhere
- The max capacity of the refinery is 650 MBbl/d