Nigerian crude oil grade Qua Iboe strengthened above Forcados, after spending the last month at parity as reduced loadings over May and upcoming maintenance have tightened market fundamentals, Platts reports.

Qua Iboe was assessed at a 20 cents/b premium to Forcados at a $1.10 premium to Dated Brent on Thursday — the widest spread between the two grades since December 28, 2017. Next month, no loadings are scheduled until May 8 for Qua Iboe, to make way for scheduled maintenance.

Details around the maintenance have yet to be confirmed. The rise in Qua Iboe prices was the exception among the broader West African market. The other West African grades continued to decline to three-month lows on slow demand from key Asian markets — namely India and China.

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