W. Africa Crude-Market stays firm as margins support

مضخة نفط في حقل نفط بكاليفورنيا يوم 17 يناير كانون الثاني 2015. تصوير: لوسي نيكلسون - رويترز

LONDON, Aug 3 (Reuters) – West African crude differentials were well supported on Thursday by strong demand and distillate margins, and traders said sellers were raising offer levels for some grades.

* “There are strong margins in the East and West, and the grades are going up,” a trader of West African crude said.

* Qua Iboe for September loading was offered at dated Brent plus $1.60 a barrel, up 10 cents from levels reported earlier this week.

* Distillate-rich Forcados was still offered at a strong premium of $1.70 above dated Brent.

* Only a few September loading cargoes were still available.

* BP was offering a cargo of Mondo at dated Brent plus 40 cents. Dalia was offered at dated Brent minus 10 cents and Pazflor at dated plus 25 cents, a trader said.

* Indonesia’s Pertamina is running a tender to buy crude for October delivery cargoes.

* Indian Oil Corp. is running a tender to buy West African crude loading Sept. 20-30. The result should emerge on Friday, a trader said.

* Another Indian refiner, BPCL, is running a tender to buy September loading cargoes. The tender closes on Aug 4. (Reporting by Alex Lawler; Editing by Susan Fenton) ))

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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