W.Africa Crude-Differentials hold steady despite demand

LONDON, May 20 (Reuters) - West African crude oil differentials to dated Brent were little changed on Wednesday.

  • West African oil differentials have been holding steady or moving lower in recent sessions as refinery run cuts and China reselling left cargoes searching for homes.

  • However, the market was still relatively tight and there was demand from Asia for medium sweet crude grades, a trader said.

  • Last week, a cargo of the Nigeria's Utapate grade was being offered at dated Brent plus $3.75, a trader said, while Angolan grades were trading at flat to dated plus $1.

  • China's crude oil imports from its biggest supplier, Russia, stood at 2.18 million barrels per day last month, up 11% year-on-year, according to customs data published on Wednesday. However, it imported 2.53 million in April from Angola, 12% lower than the same month last year.


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