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Gasoil Spreads Hold onto Gains as France Draw Fuel from Strategic Stocks

OIL PRODUCTS

France is drawing from strategic fuel stockpiles to keep fuel supplied due to the ongoing strikes at French refineries.

  • The government has been “drawing on strategic stocks to make it possible to supply stations,” according to government spokesman Olivier Veran on Wednesday. He said about 12% of service stations across the country face difficulties on at least one type of fuel.
  • The strikes have halted around 60% of the French refining capacity with strikes at two Exxon Mobil and as well as some TotalEnergies refineries
  • The European Gasoil prompt spread is holding above 90$/mt today having surged from near 50$/mt at the start of the week.
    • Gasoil OCT 22 down -1.2% at 1168.25$/mt
    • Gasoil OCT 22-NOV 22 down -7.5$/mt at 91.25$/mt
    • Gasoil NOV 22-DEC 22 down -2$/mt at 52$/mt
    • Gasoil DEC 22-DEC 23 down -6.75$/mt at 188.75$/mt
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