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.