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Refined Products Rally as French Refinery Strikes Continue

OIL PRODUCTS

Strike action at ExxonMobil's two French refineries will continue unless management agrees to new talks and presents fresh wage proposals according to Argus.

  • Workers at the 236kbpd Port Jerome refinery, the adjacent Gravenchon petrochemical plant and the 133kbpd Fos refinery have been on strike for 14 days.
  • Strikes at some of the French TotalEnergies refineries have brought a halt to the 246kbpd Gonfreville refinery and a part halt to the 109.3kbpd Feyzin refinery.
  • Diesel and gasoline crack spreads have rallied on supply concerns.
    • US 321 crack up 2.8$/bbl at 36.93$/bbl
    • US gasoline crack up 3$/bbl at 24.93$/bbl
    • US ULSD crack up 3.3$/bbl at 60.98$/bbl
    • EU Gasoline-Brent up 1.6$/bbl at 6.21$/bbl
    • EU Gasoil-Brent up 1.8$/bbl at 38.56$/bbl

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