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Europe naphtha market largely unaffected by French strikes

October 15/2010

LONDON (ICIS) -- The ongoing strikes in France have had only minimal effects on the European naphtha market, sources said on Friday.

 

Industrial action at the Fos-Lavera oil terminal in southern France entered its 19th day on Friday as national strikes rolled into their fourth day. The naphtha cargo market was described as balanced and fairly quiet, but the strike was thought to be only a minor factor in this.

 

There certainly hasnt been a major move on naphtha prices because of the strikes, one trader said. Sources elaborated that in addition to many French oil refineries being out of action, many crackers there were not operating either. This resulted in lower French demand for naphtha as a feedstock.

 

Furthermore, France itself was believed to have built up reserves of naphtha and other fuels as a precaution against any disruption to supply. Therefore the country appeared to be coping adequately so far, sources said.

 

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