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Freight, not the barrel, is now setting the price: Hormuz risk migrates into the voyage and West African crude discounts hit all-time lows
Brent above $110 and a record diesel squeeze matter less to physical traders than the cost of the voyage. Roughly 80 VLCCs are absorbed in Gulf shuttles, US-to-Asia freight is near $40/bbl and selected West African grades have traded as low as about -$20/bbl against Dated Brent. Nigeria's Dangote export programme and its import-licence fight show why delivered economics, not the FOB quote, decides who trades — and why Europe's UCO market turned from a four-year high to softer demand inside one week.
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