Platts to launch jet fuel FOB West Africa assessment June 1

Platts, part of S&P Global Energy, will launch a new daily assessment for jet fuel FOB West Africa, reflecting Jet-A1 meeting DEFSTAN 91-091, effective June 1.

The new assessment will reflect the value of cargoes, typically 20,000 to 40,000 metric tons each, for loading 3-10 days forward from the date of publication, with values normalized to reflect the mean of the loading period. Cargoes loading from safe ports in West Africa, including but not limited to Lekki and Lagos in Nigeria, are considered for inclusion in the assessments.

The assessment will reflect cargoes meeting standard commercial Jet-A1 specifications, as defined by the UK Ministry of Defence in DEFSTAN 91-091 and the Joint Fuelling System Checklist. The UK Ministry of Defence has updated DEFSTAN 91-091 periodically and Platts reflects the latest issue. Latest DEFSTAN specifications at the time of this guide's publication are as follows: sulfur content is 0.3% maximum, density is 0.775 0.840 kg/l, flash point is 38 degrees Celsius minimum, freeze point is minus 47 degrees Celsius maximum.

Platts observed that the Dangote refinery in Nigeria began exporting jet fuel in April 2024, taking the region from being a net importer of jet fuel to a net exporter, exporting as far as the US, Europe and Latin America based on freight economics.

Platts continues to publish its established jet fuel FOB STS Lome West Africa Cargo assessment (AGNWD00), which reflects 5,000-10,000 mt parcels for STS loading offshore Lome. More details of the methodology can be found at europe-africa-refined-products-methodology.pdf.

When determining a final market assessment, Platts gives the highest priority to fully verifiable and transparent market information from entities that have been reviewed for participation in the Platts Market on Close assessment process. In the more nascent West Africa Refined Products markets, Platts may publish firm bids or offers as Direct, Confirmed Data for gasoline, diesel or jet fuel loading on an STS Lome or FOB Lekki/Lagos basis, which are open to the marketplace as a whole. More information on the publishing guidelines for Direct Confirmed Data reported in West Africa Refined Products can be found here.

The new assessment will be published on an outright basis in $/mt, time-stamped at 1630 London time.

Platts continues to monitor evolving West African oil product flows and seeks industry feedback on its existing West African refined oil products assessment methodology.

Please send any feedback, questions or comments to europe_products@spglobal.com and pricegroup@spglobal.com.