Name: Europe downstream oil month in brief: Cepsa grows its fuel retail network in Spain
Brand: Wood Mackenzie
SKU: 65366
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Author: Wood Mackenzie

Insight 21 April 2017

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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                <div>
Cepsa has agreed to acquire around 30 retail sites in the Madrid region from Villaneuva and Paz for an estimated €250 million. European refining margins and crack spreads weakened in March compared to the previous month due to lower seasonal product demand, higher inventories, refineries returning from maintenance and increased imports into the region. Marketing margins showed a significant increase on a Europe average basis with slightly lower end-user sales prices being offset by the decrease in wholesale product prices.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle">
        <a href="#e45c04f4-cd0f-4b2b-a9e4-1d5ca753ce71" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="e45c04f4-cd0f-4b2b-a9e4-1d5ca753ce71" aria-expanded="false">
            Executive summary
        </a>
        <ul id="e45c04f4-cd0f-4b2b-a9e4-1d5ca753ce71" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Downstream M&A activity
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#eff978c5-c99a-4fe2-9e99-6de1f485b302" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="eff978c5-c99a-4fe2-9e99-6de1f485b302" aria-expanded="false">
            Margins
        </a>
        <ul id="eff978c5-c99a-4fe2-9e99-6de1f485b302" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Refining margins
    </li>
    <li class="push-quarter--bottom">
        Fuels marketing margins
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#93598393-5daf-41af-be10-0f1784704f83" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="93598393-5daf-41af-be10-0f1784704f83" aria-expanded="false">
            Demand
        </a>
        <ul id="93598393-5daf-41af-be10-0f1784704f83" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Oil products demand in major European markets
    </li>

</ul>
    </li>

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        <a href="#ddf4eba3-2282-4200-8f8c-f3fd995ef8db" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="ddf4eba3-2282-4200-8f8c-f3fd995ef8db" aria-expanded="false">
            Recent M&A activity
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        <ul id="ddf4eba3-2282-4200-8f8c-f3fd995ef8db" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Recent transactions
    </li>

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<li class="list__item-toggle font-semibold">
        Appendix
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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">NWE jet/diesel versus gasoil</li><li class="list__item push-quarter--bottom">Med jet/diesel versus gasoil</li><li class="list__item push-quarter--bottom">NWE fuel oil crack spread</li>
     </ul>
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        <ul class="list list--bullets panel-toggle" id="e28f89c712904a43b38f145bd49ca26a">
            <li class="list__item push-quarter--bottom">Med fuel oil crack spread</li><li class="list__item push-quarter--bottom">Spain retail fuel demand and electric car outlook</li><li class="list__item push-quarter--bottom">NWE refining margins</li><li class="list__item push-quarter--bottom">Med refining margins</li><li class="list__item push-quarter--bottom">NWE gasoline/gasoil crack spreads</li><li class="list__item push-quarter--bottom">Med gasoline/gasoil crack spreads</li><li class="list__item push-quarter--bottom">Europe downstream oil month in brief: Cepsa grows its fuel retail network in Spain: Table 1</li><li class="list__item push-quarter--bottom">Europe downstream oil month in brief: Cepsa grows its fuel retail network in Spain: Table 2</li><li class="list__item push-quarter--bottom">Germany gross marketing margins</li>
                <li>5 more item(s)...</li>
        </ul>
        
    </div>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Refining Margins March 2017.xls</p>
<p class="uppercase delta">
    <span>XLS</span>
    <span>303.50 KB</span>
</p>
</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Europe downstream oil month in brief: Cepsa grows its fuel retail network in Spain</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>419.68 KB</span>
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