W.Africa Crude - Differentials under pressure, Nigeria to load lesser crude in August

LONDON, June 26 (Reuters) - West African crude oil differentials were seeing downward pressure, traders said on Friday, and Nigerian loading programs for August showed fewer cargoes for the month.

  • A short-term glut has pushed oil futures back to pre-Iran-war levels as Middle East exports jump, analysts said.

  • Chevron offered Nigerian Escravos in the Platts window at plus $3.25 to dated Brent, which went down to plus $2.50. The offer was later withdrawn, a trader said.

  • "The offer was very optimistic... if Angolan (crude) is trading at a deep discount, West African crudes will definitely be dragged down," he added.

  • Meanwhile, exports of the four main Nigerian crude oil grades are scheduled at around 764,000 barrels per day in August, or about 9.8% lower than July, preliminary programs show.

  • Angola will load a total of 35 crude oil cargoes in August, amounting to 1.09 million barrels per day, a trade source told Reuters - an increase of 22% from July.


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