Brass River Is Around $90 Per Barrel, Nigerian Oil Sells At Premium.

Due to worries about a tighter global supply driven on by the rising crises in the Middle East and between Russia and Ukraine, Nigerian oil sold at a premium. The downward pressure on prices was further compounded by the decline in the number of US rigs.

While Brent Crude was trading at $85 per barrel, Nigeria Brass River and Qua Iboe were trading at $89 per barrel. As of late Friday, Nigeria Bonny Light was also trading at $87.46 per barrel.

Bonny Light Crude Oil is a premium grade of crude oil, named after the city of Bonny, produced in the Niger Delta region of Nigeria. Due to its low sulfur content compared to other raw materials, low corrosive effects on refinery equipment, and low environmental impact of its byproducts, bonny light is highly sought after. Its percentage of sulfur varies from 0.14% to 0.16%.

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The primary crude export grade of Nigeria, Bonny Light, is still subject to force majeure because of a recent wave of disturbances in the Niger Delta that have affected export terminal supply. Brass River is a light sweet crude with a sulfur level of 0.18% and a gravity of 40.1 API. Even with the U.S. dollar strengthening by roughly 1% over the past week, Nigerian crude continued to sell for a premium.

Moscow unleashed 57 missiles and drones in the attack, which also targeted the country’s capital, according to Kyiv, two days after the worst aerial assault on Ukraine’s energy system in more than two years of full-scale war.

The action came after recent drone strikes on Russian oil infrastructure by Ukraine, which have targeted at least seven refineries this month alone.