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Downstream oil in brief: coronavirus, a shock for EVs?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
New vehicle demand plummeted in recent months due to the coronavirus pandemic. Demand for electric vehicles (EVs), however, seems to be more resilient than that for internal combustion engine (ICE) cars. In Western Europe, the share of EV sales has increased every month in the pandemic and has been twice the average share for 2019. That said, EVs still only account for a small percentage of the European car fleet as financial incentives are largely needed to make them attractive to consumers. As European countries begin to shape their recovery plans, several have already announced stimulus packages that include green measures such as subsidising electric cars. This could be an opportunity to inject funds into transforming the energy industry and accelerate the energy transition.
Table of contents
- New measures all across Europe
- Governments under pressure
- Fuel retailers pivot towards alternative fuels
- Summary
- Refining margins turn negative as inventories for refined oil products remains high
- European fuels marketing margins fall further as wholesale prices recover
Tables and charts
This report includes the following images and tables:
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Forecast for AEV/PHEVs in EuropeEuropean retail fuel demand forecastNWE refining margins
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MED refining marginsNWE gasoline/gasoil crack spreadsMED gasoline/gasoil crack spreadsGross marketing margins May 2020Italy gasoline gross retail marginSweden gasoline gross retail marginItaly diesel gross retail marginSweden diesel gross retail margin
What's included
This report contains:
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