Spot trading for Nigerian crude has been muted as the market awaits tender awards and allocations for the March loading programmes, Reuters reports.

February-loading cargoes left to trade had dwindled, with likely only 10 or so left for spot trade. Shell held six to seven cargoes that had yet to trade, sources expected them to refine them within the company’s own system.

Other deals were limited as traders awaited the IOC tender award and sifted through allocations for the March-loading programme. Forcados was still available at roughly dated Brent plus $1.70 a barrel, though traders continued to offer Qua and Bonny at premiums closer to $2 per barrel.

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