French Fuel Stocks Decline Faster Than Last Year During Strikes

France is relying more on fuel inventories in this strike round compared to last year because of industrial action at ports, Facts Global Energy (FGE) said.

• “Transport fuel stocks have drawn by nearly double the amount seen during the last strike action in October 2022,” FGE said.
• It will be more difficult to rebuild stockpiles this time around, particularly for gasoil/diesel, because much of the build last time came from a surge in Russian imports, FGE added.
• France released around 6.92mn barrels of gasoline and diesel from strategic stockpiles since the start of the strike in early March. It also released 2.52mn barrels of jet fuel.
• While fuel deliveries at the port of Le Havre resumed, strikes at the oil ports Fos and Lavera are ongoing, leading to widespread congestions at the country’s ports.
• Vessels at French ports are waiting an average of 6.62 days, the highest in weekly data since January 2017, Kpler data showed.
• The number of vessels stuck in congestion stood at 34 as of Tuesday, compared to 97 last week.