Spot trade in Nigerian cargoes remained slow on Wednesday, thanks to a stalemate that has developed between the owners of physical barrels and the buyers that believe offers are too high.

Nigerian Bonny Light, Bonga and Qua Iboe were offered at around dated Brent plus $1.75 a barrel, unchanged from the previous day, but found no buyers.

“I suspect that outside of tender, buyers are biding their time looking for substantially lower offers,” one trader said.

Source: Reuters