This insight is an update on our previous refinery closure threat analysis, completed end 2014. The industry has changed significantly since then as we have witnessed some very strong refining margins in Europe. But is this sustainable and what does it mean for future refinery closures in the region? In the insight, we analyse how the margin environment has changed, future risks and any upside for European refining. We also briefly look at other refineries in the Atlantic basin, which may also be at risk of closure. We then analyse in detail refineries in seven regions in Europe and discuss which assets are most at risk of closure.