Diesel Spreads Steady as French Supplies Slowly Ease

Diesel spreads hold steady as workers end strikes at all but two TotalEnergies sites in France.

• The CGT union this morning said that the Normandy and Feyzin refineries were the only ones still affected by the strike. Supplies to fuel stations in France are gradually improving due to increased imports and the requisition of staff at depots.
• The prompt Gasoil spread has pulled back from a peak of 86$/mt to around 70$/mt as the supply situation has started to ease.
• Diesel crack spreads have also pulled back in recent days, but spreads remain strong. Supplies are tight as we head into the winter heating season and concern over the impact of sanctions on Russian crude and product output is supporting prices.
  • Gasoil NOV 22 up 1.3% at 1089$/mt
  • Gasoil NOV 22-DEC 22 down -3$/mt at 70.5$/mt
  • Gasoil DEC 22-JAN 23 up 2.75$/mt at 31.75$/mt
  • Gasoil DEC 22-DEC 23 up 6.5$/mt at 186.25$/mt
  • US gasoline crack up 1.5$/bbl at 25.84$/bbl
  • US ULSD crack up 1.7$/bbl at 75.59$/bbl
  • EU Gasoline-Brent down -0.5$/bbl at 5.98$/bbl
  • EU Gasoil-Brent up 0.9$/bbl at 43.18$/bbl