London (Platts)--11May2011/846 am EDT/1246 GMT

Four injection cargoes into the May loading Bonny Light program have put pressure on differentials despite resurgent light end product cracks, which Bonny Light yields.

"Lighter grades have been doing the best with gasoline and naphtha strength. Qua Iboe has pretty much sold out for the June program," a trader said. "However these very prompt new Bonny Light cargoes are putting pressure on differentials for Bonny."

The newly released May cargoes were also driving apart Bonny Light and Qua Iboe differentials which are generally close to parity.

European Gasoline demand has been strengthening on the drop in European refining capacity from this time last year, currently down 1 million barrels of refining capacity, at the same time as increased demand from the US for blended gasoline has seen a large draw of stocks to the US.

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Gasoline cracks Wednesday for May had risen to $19 up from $17 on Tuesday, while June cracks were also up Wednesday to $15 from $14.40.

In the Platts market on close assessment process, Vitol was offering a 950,000 barrel Bonny Light cargo, set to load on May 27-28, at Dated Brent plus $3.00/b, where it remained un-lifted.

Qua Iboe differentials were assessed at Dated Brent plus $3.375/b while Bonny Light differentials were assessed at Dated Brent plus $2.975/b - a $0.40/b premium.

This is the widest spread between the two grades so far this year. The previous largest spread between Bonny Light and Qua Iboe cargoes in 2011 was assessed at $0.30/b, according to Platts data.

Sources were unclear as to why these cargoes had been announced in the May program or where they had come from. "It seems like it might be some production that was lost in February is being restored. Cargo delays in early February lowered production," a source said.

The new Bonny Light cargoes were set to load May 8-9, 12-13, 18-19 and 26-27.

--Ellie Weir, ellie_weir@platts.com