The sheer weakness of the physical oil market can be best explained by the state of the Nigerian crude market. The once coveted light sweet Nigerian barrel is facing one of its toughest trading cycles, as refiners shun these crudes, even as they are trading at record-lows. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Trading sources said more than 50 million barrels of Nigerian crude for late-April and May loading has still not been sold to end-users. Sellers are resorting to holding some of this oil on inland or floating storage, to hope to sell at a later date, when demand recovers. “All those who want to sell or get rid of […]