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Gasoil Spreads Ease as Some French Refineries to Resume

OIL PRODUCTS

TotalEnergies and ExxonMobil have agreed pay deals with some of their striking French oil workers, but the CGT trade union has not yet signed with either company.

  • The latest offers from TotalEnergies and ExxonMobil were accepted by two other unions, the CFDT and CFE.
  • Operations at the ExxonMobil's 133kbpd Fos and 236kbpd Port Jerome refineries have resumed after staff voted to return to work. Industrial action is ongoing at the TotalEnergies 246.9kbpd Gonfreville, 109.3kbpd Feyzin and 219kbpd Donges refineries.
  • The proportion of fuel stations short of fuel has fallen to 28.5% down from 31% on Wednesday.
  • The Gasoil prompt time spread has pulled back from highs of 80$/mt yesterday to current levels at 66.5$/mt.
    • Gasoil NOV 22 down -1.9% at 1094.5$/mt
    • Gasoil NOV 22-DEC 22 down -5$/mt at 66.75$/mt
    • Gasoil DEC 22-DEC 23 down -8$/mt at 182.5$/mt
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