European oil product markets: 2015 in review & what to look for in 2016 Report

Insight 02 February 2016

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Report summary

We expect 2016 to be another good year for refiners. Crude prices are expected to remain low for most of the year with crude supply remaining in surplus well into H2 2016. However, product demand growth is expected to slow and the surplus of crude stocks will increasingly turn into a surplus of products, with excess middle distillates, in particular, weighing on margins. As a result, margins in 2016 should be slightly lower than in 2015.

Introduction
Europe
- Review of 2015:
  - Crude prices and differentials
  - Gross refining margins
  - Products demand, stocks and trade
  - Crack spreads
  - Refining capacity
    - Cumulative refinery capacity closures and reductions
  - Crude runs
- Outlook for 2016:
  - Crude prices and differentials
  - Crude runs
  - Product supply/demand/stocks
  - Crack spreads
  - Gross refining margins
    - Refining margin for FCC Brent in NW Europe
  - Refining capacity
- Other regions
- Conclusion

Tables and charts

This report includes 4 images and tables including:

European oil product markets: 2015 in review & what to look for in 2016: Image 1
European oil product markets: 2015 in review & what to look for in 2016: Image 2
European oil product markets: 2015 in review & what to look for in 2016: Image 3
European oil product markets: 2015 in review & what to look for in 2016: Image 4