W. Africa Crude-Nigerian April programmes emerge as Angolan diffs hold strong
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LONDON, Feb 22 – April loading programmes for several Nigerian grades emerged on Friday, with exports of Nigeria’s Qua Iboe set to rise to 253,000 barrels per day (bpd) from 215,000 bpd in March. Angolan crude differentials stayed at or near all-time highs as state oil company Sonangol sold all its April cargoes.
* State oil company Sonangol sold three cargoes in the spot market this week, offering Dalia at a premium of 60 cents above dated Brent, Olombendo at $1.10 above and Saturno at 60 cents above
* It allocated 12 cargoes to term buyers soon after the April programme was issued.
* Sellers said low margins and a flat market structure did not help buyers
* Low freight costs and the absence of comparable Venezuelan crude grades due to U.S. sanctions favoured sellers.
* Nigeria’s Bonny stream was set to load about 242,000 bpd in April.
* With buying tenders looming, sellers were not showing offers. Qua Iboe was last valued at a premium of around $1.85 to dated Brent.
Reporting by Noah Browning; Editing by Kirsten Donovan