LONDON, March 10 (Reuters) - Spot prices for West African
oil cargoes resisted a plunge in crude futures as sellers bet on
relatively stable demand.
* Price offers for Angolan and Nigerian crude have edged
down since major producers failed to agree on a deal to extend
output curbs last week, but only marginally.
* "We see a slight impact but not that much on spot prices,
and sometimes even see stronger differentials when futures go
lower," one major West African seller said.
* Angolan state oil company Sonangol has just about sold all
of its cargoes ahead of new programmes expected next week, a
faster selling pace than in the previous two months.
* Lighter Nigerian crude grades face more short-term
pressure as prices for competing Saudi oil varieties are sharply
marked down, but Qua Iboe and Bonny Light crude is still being
offered at above premiums of $2 compared to dated Brent.
* One seller noted that the anticipated damage to the U.S.
shale oil industry by lower prices could provide some long term
relief and less competition in key Asian markets.
* Tanker rates to ship oil in very large crude carriers
(VLCCs) are surging as oil traders hunt for ships to store cheap
oil in as they take advantage of a 25% plunge in prices on
Monday amid a price war between top oil producers Saudi Arabia
and Russia.