LONDON: Trade in West African oil ground to a near halt on Friday, as sellers awaited the outcome of tenders from Asian refiners next week and buyers regarded current offers as too high.
There are around 25 of 59 Nigerian cargoes for June loading yet to find buyers, with a wide range of grades still available. Nigerian crude is selling more slowly than in recent months.
"It's realistic to pull up offers when trade is brisk but inevitably there comes a point where buyers won't chase any further and let sellers sit," a trader said.
"I think we're at that point now as both buyers and sellers wait to see the outcome of Pertamina and HPCL tenders."
He was referring to tenders from Indian and Indonesian refineries which are expected next week.
West African oil exports to Asia are set to fall to around 1.72 million barrels per day (bpd) in May from 2.05 million bpd in April, a Reuters survey of traders found on Friday.
West African crudes, which are benchmarked against Brent crude, have become less attractive to Asian buyers as the discount for Dubai-benchmarked crude against European oil has grown.
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