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Europe Receives Fuel Oil Cargo from Dangote

OIL PRODUCTS

Europe has received a cargo of 90kt low-sulphur straight run fuel (LSSR) produced at Nigeria’s Dangote refinery.

  • The cargo was loaded at Dangote’s terminal in Lekki on 25 April and discharged in Rotterdam on 13 May according to Kpler.
  • Just over 70% of Dangote’s fuel oil exports have headed to the US so far.
  • LSSR prices on a fob ARA basis have remained at a $5/bbl premium to front-month ICE Brent Futures this week – narrowing from an 18-month high of $7.50/bbl in mid-April according to Argus.
  • LSSR demand in Europe has been hit by FCC maintenance – denting uptake of the fuel.

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