Rising Demand for Heavier Crudes Boosts Africa Crude-Differentials: A Market Insight

LONDON, Jan 31 (Reuters) – Differentials for West African unrefined remained high on Wednesday as Nigeria auctions its shade and heavier crudes draw in more noteworthy interest in the midst of the proceeding with Red Ocean emergency.

• An intriguing shipment of West African Lokele raw petroleum arrived at a Valero Energy treatment facility on the U.S. Bay Coast this month, transport following information showed.
• Merchants say U.S. what’s more, European purchasing of heavier rough grades is probably going to increase as contending oil assortments from East of Suez face higher cargo rates for rerouting around Africa.
• In any case, lighter West African oil types are likewise selling quickly, with just 35 or so cargoes of Nigerian unrefined – quite a bit of which is lighter – still unsold.
• The speed of deals is among the quickest lately, merchants said.
• Powerful tension from Mediterranean and U.S. rough was saving a cover on offers for light sweet unrefined, with Nigerian Qua Iboe actually presented at a little above dated Brent in addition to $2.

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