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Near Term Diesel Spreads Rally Amid French Refinery Strikes

DIESEL

Near term European diesel spreads are extending previous weekly gains with concerns for tighter supplies amid ongoing disruption at French refineries. The front month Gasoil spread had ticked up from 17.75$/mt at the start of the week to close at 23.25$/mt yesterday but has rallied further today up over 30$/mt.

  • Four out of six French refineries are stopping operations or plan to stop by Monday 20 March according to numerous media reports. Refineries are also facing crude tightness because of dock strikes.
  • Longer dated time spreads remain relatively weak and near the lower end of the range from this year. Europe has so far been successful in finding new sources of diesel supply from the Middle East and Asia to offset the missing Russian supplies due to sanctions implemented on 5 Feb. Stronger than expected Russian output has also limited the disruption to global supply to help limit upside price pressure.
    • Gasoil APR 23 up 2.3% at 767.5$/mt
    • Gasoil APR 23-MAY 23 up 7.5$/mt at 30.75$/mt
    • Gasoil MAY 23-JUN 23 up 3.25$/mt at 18.5$/mt
    • Gasoil JUN 23-DEC 23 up 3.25$/mt at 23$/mt
    • Gasoil DEC 23-DEC 24 up 0.75$/mt at 21.25$/mt
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