Spot trade was thin on Monday as traders awaited Nigeria’s February loading programmes.
About a dozen or so Nigerian cargoes were still left from the January programmes, a smaller overhang than last month as the market has tightened slightly after a recent recovery in naphtha cracks.
February schedules were due to start trickling out as soon as Tuesday following the monthly meeting between Nigeria’s state firm NNPC and producers.
Lower offers have helped cargoes to find buyers. Qua Iboe was heard offered as low as dated Brent plus $1.50 a barrel last week.