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Gasoil Unchanged Despite French Strikes

OIL PRODUCTS

European Gasoil holding steady near previous close levels despite the recent disruption to French refineries due to industrial action.

  • Striking workers at Total’s Feyzin site voted to halt production but Total confirmed the refinery will not halt output. Fuel deliveries at Exxon Mobil unit Esso’s Fos-Sur-Mer refinery remained blocked on Thursday due to ongoing strike action but operations at Port Jerome had returned to normal.
  • Diesel markets have trended lower over the last week due to weak demand, stronger than expected Russian product output and building inventories. The prompt Gasoil spread is down from a peak of 12.25$/mt on 2 March.
    • Gasoil MAR 23 up 0% at 809.25$/mt
    • Gasoil MAR 23-APR 23 down -0.5$/mt at 4.75$/mt
    • Gasoil JUN 23-DEC 23 down -0.75$/mt at 24.75$/mt
    • Gasoil DEC 23-DEC 24 down -1$/mt at 36$/mt

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