OREANDA-NEWS. February 03, 2015. West African crude differentials were supported on Monday as March-loading Angolan cargoes moved closer to selling out. Firm refining margins in Europe and demand from tenders in Asia are helping to clear an overhang that has plagued Nigerian grades in particular.

But the support is limited amid a globally oversupplied market and traders said Nigerian grades are struggling the most, despite loading delays for Forcados that have kept sellers from issuing the March-loading programme.

Nigeria's Nembe Creek pipeline, which brings Bonny Light crude to the coast for export, also reopened over the weekend after being closed on Jan. 17.

"Angolan is a bit stronger, but Nigerian not much," one trader said. "The market is not picking up much compared to last month." While there are only around 10 March-loading Angolan cargoes remaining, traders said Nigerian cargoes are having a harder time finding buyers, particularly as the March export programme for Qua Iboe and Bonny Light are higher than the February levels.

Exports of west Africa crudes to Asia are expected to rise in February to around 1.83 million barrels per day, but the move is a recovery from January exports that marked a five-month low. India's MRPL also purchased 1 million barrels of Congolese Coco crude from trader Vitol at a discount of \\$4 a barrel to dated Brent for lifting in the first half of March.