LONDON: West African crude differentials were little changed on Wednesday despite building stockpiles in the United States and further downward pressure on international crude benchmarks prices. High refining margins sparked discussions that refineries in Europe will delay seasonal maintenance, which would boost oil consumption in a region that has become a key outlet for African crude as US shale oil production has edged out imports.
This week, the US Energy Information Administration said imports of light sweet crude oil to the key Gulf Coast refining hub have been virtually eliminated, falling from highs of 1.3 million barrels per day to fewer than 200,000 bpd.
US crude stockpiles rose to a new record high last week to 417.9 million barrels, EIA data showed. Asia has also absorbed an important amount of Nigerian and Angolan barrels through monthly tenders.
Several new shipping fixtures showed companies such as India's IOC and BPCL making new bookings to send crude to India, while new fixtures also surfaced for China and Indonesia.
But traders said these vessels are part of previous or term bookings. No fresh tender discussions surfaced.
NIGERIA
Less than 40 percent of Nigeria's March export programme of 1.76 million barrels per day on roughly 61 cargoes. * Sellers are offering at a firmer differentials as Asian tenders helped dry up a persistent overhang of cargoes.
Differentials for Bonny Light and Qua Iboe, Nigeria's largest stream, reached a $1.60 premium to dated Brent.
Qua, Nigeria's biggest crude stream, was assessed at dated Brent plus 35 cents on Dec. 30, the lowest since 2005, Reuters data showed.
ANGOLA
Few March-loading Angola cargoes are left, with Cabinda already sold out and Girassol also going to Asia as part of tenders.
Girassol: Valued at about dated minus 60 cents, steady from Monday.
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