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French Strikes Add to Tight Gasoil Supply Concerns

OIL

Gasoil strengthens as French refinery strikes add to tight market concerns ahead of the EU ban on Russian oil product supplies.

  • The French CGT union has called for a 48 hour strike from 26 Jan and another 72 hour strike from 6 Feb.
  • Front month Gasoil is extending the recent rally up 1.3% today and up 18.8% from a low of 839.25$/mt on 4 Jan.
  • Time spreads are also trading higher with the Mar-Apr spread the highest since October when strike action last impacted French refinery output.
    • Gasoil FEB 23 up 1.3% at 996.75$/mt
    • Gasoil FEB 23-MAR 23 up 1.25$/mt at 29.25$/mt
    • Gasoil MAR 23-APR 23 up 2.5$/mt at 42.5$/mt
    • Gasoil JUN 23-DEC 23 down -1.25$/mt at 45.75$/mt
    • Gasoil DEC 23-DEC 24 up 5.5$/mt at 62.5$/mt

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