France strikes to lead to rise in Europe spot gasoil prices - IEA
13 October 2010 13:42 [Source: ICIS news]
LONDON (ICIS)--Major strike action in
Oil shipments have been prevented from entering or leaving the Fos-Lavera oil terminal in southern
In a separate national strike in protest against pension reforms, 11 of
According to the IEA report, commercial inventories were being used to replace absent refinery production, which had so far helped avoid a shortage of oil product supplies.
However, it was possible that the strike might continue during the next two weeks, the report went on to say, which could well lead to product shortages.
“The strike is pushing European product cracks and refining margins higher, drawing in products from abroad and likely encouraging other refiners to increase run rates,” the IEA said.
However, if the Fos-lavera port remains blocked, delivering stocks from overseas to end-users in the region could be severely hampered, the IEA said.
Any new increases in European gasoil prices would come on top of already rising prices.
Consumers that bolstered their stocks as refiners simultaneously restricted throughput rates helped push up spot prices in September by 2.6-3.6%, the report added.
A month ago, Europe gasoil cargoes were trading at $681-683/tonne CIF (cost, insurance and freight) NWE (northwest
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