LONDON, April 6 (Reuters) - West African crude oil
differentials came under pressure on Tuesday as U.S. demand for
Nigerian light crude eased and potential Asian buyers stayed on
the sidelines. Most U.S. refiners were reported to be covered for May and
refining margins are fairly weak, supported only in some cases
by reduced runs for maintenance turnarounds, traders said. "The primary consumption centres look long and the worry for
sellers is that when refineries come out of turnarounds the
demand is simply not going to be there," said one West African
crude oil trader with a European house.
NIGERIAN * Benchmark Qua Iboe BFO-QUA was pegged at around dated
Brent plus $1.25/$1.30, traders said. Sun was reported to have
bought two Qua Iboe cargoes: the May 19-20 from Gunvor and the
May 24-25 from Mercuria. Deal levels were not disclosed but
thought to be below plus $1.30. * Bonny: Arcadia was reported to have sold its May 3-4 Bonny
cargo to Cepsa at the end of last week; Bonny was assessed at
close to plus $1.25, traders said.
ANGOLAN/EQUATORIAL GUINEA * Girassol: Total was reported to have sold its cargo
loading May 17-18 to an undisclosed buyer. Girassol was assessed
between dated BFOE minus 25 cents and minus 50 cents. * Hungo: Exxon's May 5-6 cargo was reported to have been
sold to Unipec at around dated BFOE minus $2.90 with talk for
this grade between minus $2.70 and minus $3.00. * Zafiro: Arcadia was still reported to be offering its May
8-9 shipment, despite rumours that it had been sold.
ASIAN TENDERS * State-owned Indian Oil Corp (IOC) has opened a regular
monthly tender for June loading sweet crude oil, a tender
document showed. This tender has been delayed until this week,
traders said.
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(Reporting by Christopher Johnson; editing by James Jukwey)
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