W. Africa Crude-Market stays firm as margins support

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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.
Nigeria

* 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.
Angola

* 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.
Tenders

* 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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