Tenders keep trade muted, Nigerian crude market swamped

A number of tenders this week kept activity muted on the West African market, as India and Indonesia sought barrels for arrival in February.

Potential sellers often hold off from offering cargoes if they are taking part in a tender in which they may be successful and have to commit those barrels.

The Nigerian market is fairly heavily oversupplied. Late last week, traders estimated that as much as a quarter of the December programme is still up for grabs, in addition to a hefty January programme amid paltry demand.

Source: Reuters

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