Europe: French Strikes Plunge European Diesel Further Into Chaos

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European diesel margins soared to new multimonth highs as French refinery strikes hit local fuel production ahead of a looming regional ban on lifeblood imports from Russia. Almost two-thirds of French refining capacity is now off line after the hard-line CGT union rejected an increased pay offer from Gravenchon and Fos operator Exxon Mobil and instead called on its members at Total’s Donges facility to join the walkout. Strikes have already shuttered TotalEnergies’ Gonfreville plant while the French oil company’s Feyzin plant was down for repairs. Almost 800,000 barrels per day of French capacity is currently out of action, according to Energy Intelligence estimates, shutting in up to 300,000 b/d of desperately needed ultra-low-sulfur diesel (ULSD) production.

Diesel/Gasoil, Oil Spot Markets, Oil Products, Gasoline
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