Loading of four key Nigerian crudes in April will hold steady, preliminary loading programmes seen by Reuters showed, while lower demand and high freight rates continued to weigh on Angolan differentials
Among recent offers was Kissanje at dated Brent minus 85 cents, compared to dated Brent minus $1 heard in December, showing demand had slowly picked up, a trader said.
Others were Angola's Hungo crude at dated Brent minus $3.15, compared to minus $1.90 heard in January, and Olombendo crude were last heard at dated Brent minus 95 cents, compared to the earlier-heard plus 45 cents in November as per LSEG data, showing the grades were still under pressure.
Angola's March loadings were slowly clearing, the trader added, with around 4 to 5 cargoes still available.
No offers for April cargoes were heard.
Differentials were also weighed on by high freight rates, with some West African crude shipping routes being at or close to multi-year highs, according to Riverlake data on LSEG.
In the wider market, exports of four key Nigerian crude oil grades are scheduled at 783,000 barrels per day in April compared to 793,000 in March, preliminary loading programmes seen by Reuters show.
Nigeria’s Dangote oil refinery issued a tender to sell up to 130,000 metric tons of residual fuel oil in mid-March, three trading sources told Reuters, and will close the tender on March 2.
(Reuters)