Spot trade in Nigerian crude slowed on Tuesday as a series of tenders in India, Indonesia and Turkey deterred sellers from making offers, while strong freight rates kept potential buyers wary.

The most recent indications for Qua Iboe and Bonny Light for November loading was unchanged around $1.55 a barrel above the dated Brent price, having drifted down from closer to $1.75 six weeks ago.

The November programme has struggled to find buyers partly because of unfavourable shipping economics and high freight rates, traders said. About 15 cargoes remained from the originally planned 58, traders said.

Turkish refiner Tupras, India’s IOC and Indonesia’s Pertamina all issued tenders for delivery of west African crude.

Source: Reuters