Offers for Nigerian crude grades increase but spot trade still tepid

Offers for Nigerian cargoes edged higher on Wednesday, although traders said the recent burst of buying activity appeared to have fizzled out ahead of the release of the December export programmes.

After a burst of activity late last week, driven in part by Indian demand, spot trade has cooled off somewhat this week, one trader said.

Glencore was still said to be offering Qua Iboe at a premium of around $1.70 a barrel to dated Brent, above recent indications of closer to $1.60-1.65, while ENI was said to be offering Bonga at similar levels.

The December programme is due to emerge later this week but almost 20 cargoes of November-loading Nigerian crude was still available for sale.

Source: Reuters

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