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Freight, Not Barrels, Is Now the Binding Constraint — and It Is Repricing West African Feedstock Netbacks
The cost of moving a VLCC of US crude to Asia has reached roughly US$80 million, with long-haul rates up more than 300% since mid-August. That single number explains why benchmark crude can fall while physical markets tighten — and why the same freight arithmetic now gates whether Nigeria's largely uncollected used cooking oil can reach European biorefineries at a workable netback.
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