LONDON (Reuters) – Differentials for West African crude continued to be supported on Wednesday by steady sales and tenders, which have in recent days scooped up oil cargoes from the region.
* Sales for West African crude, especially lighter grades, were proceeding quickly amid good refining margins in Eastern and European markets and swift buying ahead of a holiday lull.
* Around 3 or 4 cargoes of January-loading Angolan cargoes and a couple of Congolese cargoes remained unsold as new February export plans were expected imminently.
* The outlook for jet fuel margins is set to be poor with the onset of the new omicron variant, traders said, denting sales for heavier sweet grades.
* Offers for some Nigerian grades were up 10 to 20 cents from last week, with medium sweet Escravos offered for around dated Brent plus $1.60 a barrel and Brass River for a little under a dollar above dated Brent.
* India’s IOC closed two tenders on Wednesday, one for end-January or early February loading and a second for full February loading. Results did not immediately emerge.
* Thailand’s PTT also closed a buy tender for Feb. 20 to March 20 delivery.
* Chinese independent refiner Rongsheng was set to close a buy tender on Thursday for February loading crude.
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* U.S. crude oil stockpiles fell more than anticipated last week and fuel inventories fell unexpectedly as implied consumer demand surged to an all-time high, the Energy Information Administration said on Wednesday.
(Reporting by Noah Browning;Editing by Elaine Hardcastle)
