OpeOluwani Akintayo
03 February 2019, Sweetcrude, Lagos — Nigerian crude oil grades, Bonny Light and Qua Iboe for March loading were put up for sale at near $2.50 a barrel above dated Brent, according to a market report.
The price was up from about $2.15-2.20, but traders say the price was too high and should have been offered at $1.20 plus dated Brent, forcing a drag between sellers and buyers on Wednesday.
Already, reports say there were 12 unsold cargoes still on the ground for February, and traders say March’s should have been lower due to the overhang.
Also Read: Nigerian govt to revive Port Harcourt refinery by 2020
https://sweetcrudereports.com/2019/02/01/nigerian-govt-to-revive-port-harcourt-refinery-by-2020/
International benchmark, Brent was around $61.75 as at the close of market on Wednesday.