Commodity market report

Varo Energy leads buoyant M&A year-end: Europe downstream oil month in brief December 2016

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Report summary

Fast growing independent European downstream player Varo Energy leads the way in a buoyant M&A year end including a fuel retail acquisition and an oil storage divestment both in the Netherlands. The company is also in advanced stages of a deal to acquire Shell's 37.5% stake in the German Schwedt refinery. Our Brent and Urals benchmark refining margins for Europe were relatively flat in November although still near the top of the five year range. Wholesale gasoline and diesel prices declined sharply in November supporting stronger month average retail fuel margins across Europe particularly in the United Kingdom.

What's included

This report contains

  • Document

    Varo Energy leads buoyant M&A year-end: Europe downstream oil month in brief December 2016

    PDF 374.32 KB

Table of contents

  • Executive Summary
  • Margins
  • Demand
  • Recent M&A activity
  • Appendix

Tables and charts

This report includes 17 images and tables including:

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/gas oil crack spreads
  • Med gasoline/gas oil crack spreads
  • Germany gross marketing margins
  • United Kingdom gross marketing margins
  • France gross marketing margins
  • Italy gross marketing margins

Tables

  • Oil products demand in major European markets
  • Recent transactions
  • Month average gross margins - November 2016
  • Month average net margins - November 2016
  • Margins: Table 3

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