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OIL PRODUCTS
Workers at BP Rotterdam Refinery have started a partial strike which may impact plans for a resumption of refinery operations. BP previously said it was planning to restart the Rotterdam refinery early this week following an outage last week.
- Workers are limiting efforts to resolving the fault but won’t cooperate on restarting production according to the CNV Vakmensen union. Unions last week gave a deadline of Nov 23 to resume the pay dispute.
- Refinery strikes have added to tight distillate markets with concern for the impact of Russian crude sanctions on European supplies. The Gasoil-Brent spread is trading around 38$/bbl compared to start of year levels of 11$/bbl.
- Gasoil prompt time spread is lower today after slowly trading higher over the last two weeks. The spread fell to 6$/mt on Nov 10 after the return of French refineries following worker strike during October but is back up to around 10$/mt.
- Brent JAN 23 up 1.2% at 88.52$/bbl
- Gasoil DEC 22 up 4% at 953.5$/mt
- EU Gasoil-Brent down -0.4$/bbl at 38.15$/bbl
- Gasoil DEC 22-JAN 23 down -3$/mt at 10$/mt
- Gasoil DEC 22-DEC 23 up 3.25$/mt at 138$/mt
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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