European naphtha rises: disruption due to strike at French hub blocks crude tankers, vessels

06-Oct-10
Naphtha prices continue to move north in Europe as the strike in the French hub of Fos-Lavera entered its ninth day, presently blocking 14 crude tankers and 13 refined product vessels. This has slashed production at some refineries and pushed up gasoline prices. As per Reuters, a crippling strike at France's top oil port, the world's third-largest, continues, and could lead to seven refineries, dependent on the Fos-Lavera oil hub, to run out of crude supplies in about a week. Port workers are seeking job guarantees as part of the port reform and are also protesting against a French pension bill. UFIP's head, Jean-Louis Schilansky, said strategic oil stocks were so far unscathed despite union officials saying Total's La Mede refinery had started using them. France still has three months of strategic oil stocks.
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