French refinery strikes into sixth day, output unaffected

Quantum Commodity Intelligence – Strikes at several of France's refineries and fuel depots extended to a sixth day on Monday as nationwide protests rolled on, while the impact on product markets remains limited. 

Workers at the Mediterranean port of Fos-Lavera are expected to start a three-day stoppage on Monday evening to coincide with another round of national strikes planned for 15 March.

Fuel deliveries at Exxon-Esso's 140,000 bpd Fos-sur-Mer refinery remain blocked, according to the CGT union, but strikes were not renewed at Exxon-Esso's 240,000 bpd Port Jerome plant.

Blockades stopped fuel deliveries at TotalEnergies' Haulchin fuel depot in northern France early Monday but were cleared by police by the afternoon, according to local media reports.

TotalEnergies' five refineries remain blocked by protesters, although refinery operations remain broadly unaffected.

Plentiful stocks and increased imports into northwest Europe in recent weeks and months have reduced the impact of the strikes on regional supply.

ICE gasoil cracks have been little changed during the strike at around $27-$28/b above ICE Brent, while M1-M2 backwardation – a sign of tightness in the market – fell to a one-month low of $2.50/mt at expiry on Friday.

France's Senate voted late Saturday to approve President Macron's pension reform, but it still needs to go through a final vote in the National Assembly later this week.