LONDON: West African crude markets finished the week on a quiet note, but traders said cargoes were starting to sell out for March. Strong European refining margins, good demand in Asia and stronger forecasts for global oil consumption buoyed seller hopes for a strong spring.
"It's been a good, perhaps a very good, demand month," one trader said.
The world's three main energy agencies are now forecasting higher demand for crude oil this year, in a sign that falling oil prices are starting to spur consumption.
Additionally, Brent's premium to Dubai crude hit its lowest since 2010 on Thursday, potentially encouraging flows of Atlantic basin crude to Asia, Reuters data showed.
Angolan cargoes for March loading were getting harder to find, though traders said some of the previously purchased cargoes were being resold in an increasingly strong market.
No developments surfaced on a tender from India's IOC for April delivery, which could help absorb Nigerian cargoes for late-March loading.
NIGERIA
About a third of March-loading Nigerian cargoes remain available from just over 60 that were offered.
Differentials for Nigeria's largest stream of Qua Iboe are trading at about $1.30-$1.40 versus dated Brent.
ANGOLA
Most March-loading Angola cargoes are already sold.
Shipping fixtures showed a booking from Chile's ENAP to carry Plutonio crude aboard the Suezmax Sonangol Kalandula for March 3 loading.
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