LONDON: West African crude differentials were steady on Friday, holding on to gains this week, supported by increased demand in Europe and Asia amid improving refining margins.
While traders say there is still an ample supply of March-loading Nigerian crude, differentials have ticked up further this week from multi-year lows.
Healthy refining margins in Europe, which are well above the annual average according to Reuters models, and in Asia have helped to boost demand, say traders.
Angolan cargoes found buyers relatively quickly for March loading and less than 10 are still available, traders said.
NIGERIA
About half of Nigeria's cargoes for March are still available, traders said.
Qua Iboe was offered at dated Brent plus $1.60, having risen from plus $1.50 at the start of the week.
In the Platts window, BP was offering Agbami on a delivered basis at dated plus $2.55 for April 1-30 arrival.
ANGOLA
Most cargoes for March loading are sold and differentials appeared to be steady on Friday.
Girassol was valued at around dated minus 60 cents.
Cabinda was at dated minus $2.50.
ASIA TENDERS
Indian Oil Corp bought 2 million barrels of Qua Iboe from Vitol in its latest buying tender, one trader said.
The result wasn't confirmed.
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