Sellers hold out as buyers face strong Nigerian crude differentials

Spot trade slowed to a crawl on Wednesday, as a stand-off between buyers and sellers got intensified.

Bonny Light and Qua Iboe for March loading were once again offered near $2.50 a barrel above dated Brent, from about $2.15-2.20, but no trades were said to have taken place at those levels.

One refiner said $1.20 would constitute a more reasonable level given that there is an overhang of over a dozen unsold cargoes from the February Nigerian programme.

Source: Reuters