Angolan and Nigerian crude differentials were stable on Friday after initial offers for March-loading crude were pitched at higher levels than February-loading cargoes.

One seller is offering March-loading Nemba at dated Brent plus $1.50, higher than offers of February-loading cargoes, a trader said.

Olombendo was offered at dated Brent plus $3.50, a trader said, also up from offers of February-loading cargoes.

Differentials for February-loading Angolan and Nigerian cargoes rose after the U.S. announced new sanctions on Russia on Jan. 10, potentially boosting demand for alternative grades, although they have since steadied.

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

On Nigerian crude, sellers have not revised offer levels, a trader said.

Bonny Light was last offered at dated Brent plus $2.20 a barrel, over $1 up from the last offer level heard.
Source: Reuters