West African crude oil differentials were stable on Wednesday, as traders took stock of the market now that the Trans Niger Pipeline (TNP) has been fully restored after a blast.
The blast on the Nigerian pipeline on March 19 had little impact on prices, a trader said, as there was only a handful of days of loading delays.
Loadings from the Bonny terminal were being delayed anyway prior to the explosion, the source added.
The TNP is working normally, a spokesperson for operator Renaissance said on Tuesday. The line is one of two conduits that export Bonny Light crude.
The 650,000 barrel per day Dangote refinery is diversifying its crude slate in March but overall imports are set to fall on the month, shipping analytics firm Kpler said in a research note.
Following a record high 450,000 bpd of crude imports in February, Dangote's March volumes are expected to fall to 260,000–280,000 bpd, Kpler said, adding that the refinery is operating at around 60 per cent capacity.
March deliveries have included crude from the United States, Angola, Algeria, and soon Brazil, according to Kpler.
Angolan grades were stable on Wednesday. Many May-loading cargoes have been sold on a delivered basis to Chinese teapot refineries, a trader said, resulting in fewer spot offers to the market.
(Reporting by Robert Harvey; Editing by Kirsten Donovan)