W. Africa Crude Offers high but freight rates weigh

LONDON, Feb 2 (Reuters) – West African crude continued to be offered at high prices on Wednesday but down from those seen in at the peak of the last trading cycle two weeks ago as freight rates begin to weigh.

* Congolese Djeno was last offered for a little above dated Brent 50 cents and Ghanaian Jubilee at above $2.50.

* The offers were down from last week and may reflect relatively high freight rates, which for Suezmax tankers bound from the region to Europe are near highs last seen in early December.

* The freight costs and steeper backwardation have dealt a boost to competing North Sea and Mediterranean crude grades which have a shorter journey to market.

* Chinese buying is due to resume following the end of the Lunar New Year holiday and will likely be boosted by new refinery capacity coming online later in the year and an expected uptick in aviation, traders said.

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Reporting by Noah Browning
Editing by Mark Potter

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