Spot trade in the West African market remained fairly sluggish on Thursday, as buyers waited for the bulk of the Nigerian export plan for January to emerge.
Traders said the Nigerian January loading schedules for major grades such as Bonny Light and Forcados had not yet been released. The January Qua Iboe programme, which emerged earlier this week, lists seven cargoes, down from December’s eight.
Both Qua Iboe and Bonny Light were last indicated around $1.70 a barrel above dated Brent, unchanged over the last week, although buyers were said to find this level far too pricey given the number of unsold cargoes still in the market, traders said.
Almost a third of the cargoes in the December Nigeria programme were still said to be available for sale, marking the largest overhang in several months in the West African market, according to Reuters calculations.