Angolan state-owned Sonangol issued its first offers for the March loading programme on Thursday, while Nigerian crude differentials were stable on the day.

Sonangol is offering a cargo of March-loading Nemba at dated Brent plus $1.50. The cargo is 1 million barrels and loads on March 24-25, according to the month’s loading schedule.

Sonangol also offered dated Brent plus $3.50 for its 950,000 barrel Olombendo cargo, which loads on March 11-12.

Earlier in the week, one West African crude trader had said March cargoes were expected to trade higher or at similar price differentials to February’s cargoes.

Another trader said that Angolan crude differentials, along with Brazilian grades, had been supported by the U.S.’ new sanctions on Russia on Jan. 10, amid firmer demand for alternative grades.

However, one trader added that the upward momentum in physical crude markets was subsiding, though the market still remains fairly strong for now.

Angola will load 32 crude oil cargoes in March, the country’s preliminary loading schedules showed, up from 28 in February.

Nigerian March loading schedules could also surface this week.
Source: Reuters