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Dangote Jet Fuel Pressuring European Prices: Argus

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Dangote’s commencement of jet fuel exports is weighing on European cargo prices, according to Argus.

  • Nigeria’s 650k b/d Dangote refinery exported its first jet fuel cargo to Europe, Platts said May 30.
  • The 45k mt cargo is being transported by BP on the Doric Breeze and is part of a tender comprised of three cargoes totalling 120k mt.
  • The European jet crack has fallen to a three-week low of $19.72/b Argus said.
  • The weakening crack is due to expectations that additional Dangote cargoes will add further length to the market.
  • Dangote began producing jet fuel in January. A May 26 sample seen by Argus met European specifications.
  • Weaker margins for jet fuel could push refineries to adjust cuts to maximise yields of other products, namely diesel.
  • Jet fuel has been at a premium to diesel across May, but this has halved to $1.10/b May 30, compared to $2.50/b May 27.
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Dangote’s commencement of jet fuel exports is weighing on European cargo prices, according to Argus.

  • Nigeria’s 650k b/d Dangote refinery exported its first jet fuel cargo to Europe, Platts said May 30.
  • The 45k mt cargo is being transported by BP on the Doric Breeze and is part of a tender comprised of three cargoes totalling 120k mt.
  • The European jet crack has fallen to a three-week low of $19.72/b Argus said.
  • The weakening crack is due to expectations that additional Dangote cargoes will add further length to the market.
  • Dangote began producing jet fuel in January. A May 26 sample seen by Argus met European specifications.
  • Weaker margins for jet fuel could push refineries to adjust cuts to maximise yields of other products, namely diesel.
  • Jet fuel has been at a premium to diesel across May, but this has halved to $1.10/b May 30, compared to $2.50/b May 27.