LONDON, March 1 (Reuters) - Cool Chinese and European demand
caused differentials for West African crude to slip further as
margins stay depressed.
* Angolan state oil company Sonangol finalized its export
programme for April at 37 cargoes, adding a cargo of Mostarda
crude which it offered at dated Brent flat.
* Backwardation has meant West African grades are largely
priced out for Chinese consumption by competing grades from
elsewhere, with a Chinese buyer picking up a cargo of sweet
Brazilian Tupi crude for a premium of $2.50 a barrel last week.
* Sellers are pinning their hopes on purchases from Chinese
refiners but offers have slipped around ten to 20 cents each of
the last few days, with China's Unipec re-offering some cargoes.
* Nigerian differentials were also headed down, with at
least two cargoes of light sweet Qua Iboe selling for below
dated Brent minus 50 cents a barrel last week, traders said.
* Official selling prices published last week were kept
steady across the board, despite slackening demand in Europe and
some support from periodic Indian buying.
* North Sea and Mediterranean grades were also suffering at
the same time, with Urals crude near 9-month lows.
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