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Europe downstream oil month in brief: Retail fuel margins hit by wholesale price rise, despite stronger euro

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Report summary

Our European benchmark refining margins came off slightly in July, after setting new seasonal highs in June. Gasoline crack spreads were weaker across Europe in July, undermined by higher US runs and the restart of Leuna refinery in Germany. Stronger diesel/gasoil crack spreads were supported by the Pernis refinery outage in Germany and problems at the Greek Elefsis refinery. European retail fuel margins were down across most countries in July versus the previous month, as wholesale product prices increased for gasoline and diesel, whereas pump prices remained fairly stable. The impact of higher (dollar denominated) wholesale prices on the gross retail margin was somewhat mitigated by a stronger euro.  

What's included

This report contains

  • Document

    Refining Margins.xls

    XLS 307.50 KB

  • Document

    Europe downstream oil month in brief: Retail fuel margins hit by wholesale price rise, despite stronger euro

    PDF 425.67 KB

  • Document

    Europe downstream oil month in brief: Retail fuel margins hit by wholesale price rise, despite stronger euro

    ZIP 554.48 KB

Table of contents

    • Refining margins
    • Fuels marketing margins
  • Demand
  • Recent M&A activity
  • Appendix

Tables and charts

This report includes 16 images and tables including:

Tables

  • Oil products demand in major European markets
  • Recent transactions
  • Month average gross margins - July 2017
  • Month average net margins - July 2017

Images

  • NWE jet/diesel versus gasoil
  • Med jet/diesel versus gasoil
  • NWE fuel oil crack spread
  • Med fuel oil crack spread
  • NWE refining margins
  • Med refining margins
  • NWE gasoline/gasoil crack spreads
  • Med gasoline/gasoil crack spreads
  • Germany gross marketing margins
  • United Kingdom gross marketing margins
  • France gross marketing margins
  • Italy gross marketing margins

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