W. Africa Crude-Nigeria differentials down on port power failure

LONDON, Feb 8 (Reuters) – Nigerian differentials fell on Friday for a second day due to a power failure at the Qua Iboe export facility earlier in the week, two traders said, sending prices to their lowest level in three weeks.

* Qua Iboe BFO-QUA for March loading was offered at a premium of between $1.80 and $1.90 a barrel above dated Brent, down from around $1.95 the previous day and from around $2.15 at the start of this week, the traders said

* The power outage prompted operators to load crude onto supertankers at around 25,000 barrels an hour, slower than normal rates around 30,000 barrels an hour

* An overhang of unsold cargoes also helped bring down prices of Bonny Light and Qua Iboe, which had been indicated at more than $2 a barrel above dated Brent throughout February

* Vitol sold a cargo of Qua Iboe, though the identity of the buyer was not immediately clear

* Spanish oil major Cepsa was heard to have bought a cargo of Usan from Chevron, according to one trader, but that could not be immediately confirmed

* Demand for Angolan crude from Chinese refiners in the run-up to the Lunar New Year holiday all but drained supplies of March-loading cargoes

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Reporting by Amanda Cooper and Noah Browning
Editing by Jane Merriman

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