West African crude oil differentials were elevated on Friday, supported by the increased risk to supply from conflict in the Middle East.

August cargoes have yet to see much discussion as traders focus on clearing July’s remaining cargoes.

Angolan Cabinda for July loading was offered at dated Brent plus $2.90 and Girassol at dated Brent plus $3.50, a trader said, higher than previously heard levels.

Crude futures fell over 3% on Friday after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict.

Some sellers are not showing offers, a trader said, and instead waiting to see if the Middle East conflict escalates or not over the weekend.

A jump in freight rates and dated Brent backwardation are deterring buyers from buying at the current offer levels, traders have said.

Nigerian Ako for July loading was offered at dated Brent plus 60 cents.
Source: Reuters