off-the-wire

W. Africa Crude-Ample supply weighs on differentials

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, March 27 (Reuters) - West African crude differentials stayed under downward pressure on Monday amid ample supply and weaker demand.


* Strikes in France have led to the closure of some refining capacity. Normally, Europe including France's large refining system helps to absorb overhangs of West African crude.
* There are a lot of offers of West African crude at present, traders said, with those looking to sell in recent days including Total, Eni and Glencore.
* Angola's state oil firm Sonangol on Monday was still offering two spot cargoes in May: a Gimboa at dated Brent minus $4.10 and a Girassol at dated Brent plus $3.00. The Gimboa offer was trimmed 60 cents from Friday.
* Nigerian Qua Iboe remained on offer at dated Brent plus $1.80 a barrel, a trader said. (Reporting by Alex Lawler; Editing by Shilpi Majumdar)

Messaging: alex.lawler.reuters.com@reuters.net))

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