Europe-Nigeria Gasoline Shipments Seen Spiking in April as Quota Expands

Europe exports of gasoline tracked arriving in West Africa this month are surging, led by a spike in Nigeria-bound cargoes, amid reports of expanded second-quarter supply quotas and easier procurement.

Some 312,000 metric tons of gasoline cargoes loading on nine tankers is so far tracked to arrive at the port of Lagos in April, according to the OPIS Tanker Tracker. Last month, Lagos-bound shipments totaled just over 127,000 tons on
four ships.

Overall West Africa-bound gasoline volumes already exceed last month. They are tracked at 1 million tons on 25 tankers, information compiled from brokers, traders and vessel satellite tracking data shows. Total March volumes were seen
at 929,000 tons on 24 ships.

With more ships certain to be chartered or identified with gasoline cargoes in coming days to make the 14-day voyage, the tally is expected to rise further.

There have been reports that as much as 2 million tons of gasoline would be shipped into Nigeria between March 25 and the end of April, likely to reduce European gasoline and gasoline blend component exports to New York.

"Reports of higher Nigerian gasoline imports could be related to expanded second-quarter quotas, totaling 3.5-4 million tons," JBC Energy said in an emailed report today.

The Nigerian National Petroluem Corp.'s quota allocation also declined, giving 58.3% of the share to independent marketers, according to the energy analysts. Procurements may also be speeding up under a new crude-for-product purchases
system, JBC said.

Shipping data reflects this. A further 17 oil product tankers, for which the cargo is unknown, are also seen chartered in northwest Europe to load products

this month and then sail to West African countries.

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