European Refining Margin Indicator, crude oil prices, average liquid and gas prices: this section contains oil and gas industry's main indicators archives. Figures are updated around the middle of the month following the end of each quarter.
€/$ |
Brent ($/b)
|
Average liquids price* ($/b) |
Average gas price*
($/Mbtu)
|
Average LNG price** ($/Mbtu) |
Variable Cost Margin, European refining*** ($/t) |
|
---|---|---|---|---|---|---|
Fourth quarter 2020 | 1.19 | 44.2 | 41.0 | 3.31 | 4.90 | 4.6 |
Third Quarter 2020 | 1.17 | 42.9 | 39.9 | 2.52 | 3.57 | -2.7 |
Second Quarter 2020 | 1.10 | 29.6 | 23.4 | 2.61 | 4.40 | 14.3 |
First quarter 2020 | 1.10 | 50.1 | 44.4 | 3.35 | 6.32 | 26.3 |
* Sales in $ / Sales in Volume for consolidated affiliates (excluding stock value variation).
**Sales in $ / Sales in Volume for consolidated and equity affiliates (excluding stock value variation). This indicator reflects the combined effect of sales volumes and prices of long-term contracts and spot sales. The share of spot sales volumes increased in the second quarter of 2020 compared to the first quarter 2020 due to deferments of some LNG uplifts by some long term contract buyers, while the average long-term contract price was only reduced by 16% because of deferred impact of the oil price decrease.
***This indicator represents the average margin on variable costs realized by Total’s European refining business (equal to the difference between the sales of refined products realized by Total’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).
Disclaimer: Data is based on Total’s reporting and is not audited. To the extent permitted by law, TOTAL SE disclaims all liability from the use of the main indicators.
€/$ |
Brent ($/b)
|
Average liquids price* ($/b) |
Average gas price*
($/Mbtu)
|
Average LNG price** ($/Mbtu) |
Variable Cost Margin, European refining*** ($/t)** |
|
---|---|---|---|---|---|---|
Fourth quarter 2019 | 1.11 | 63.1 | 59.1 | 3.76 | 6.52 | 30.2 |
Third quarter 2019 | 1.11 | 62.0 | 58.0 | 3.48 | 5.93 | 47.4 |
Second quarter 2019 | 1.12 | 68.9 | 63.7 | 3.82 | 5.69 | 27.6 |
First quarter 2019 | 1.14 | 63.1 | 58.7 | 4.51 | 7.20 | 33,0 |
* Sales in $ / Sales in Volume for consolidated affiliates (excluding stock value variation).
**Sales in $ / Sales in Volume for consolidated and equity affiliates (excluding stock value variation).
***This indicator represents the average margin on variable costs realized by Total’s European refining business (equal to the difference between the sales of refined products realized by Total’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons).
Disclaimer: Data is based on Total’s reporting and is not audited. To the extent permitted by law, TOTAL S.A. disclaims all liability from the use of the main indicators.
Note: The indicators for average liquids price and average gas price have been amended and a new indicator of variable cost margin for European refining has been introduced in replacement of the ERMI (European Refining Margin Indicator). Corresponding 2018 data has been restated to reflect these changes.
$/€ |
Brent ($/b) |
Average liquids price* ($/b) |
Average gas price* ($/Mbtu) |
Variable cost margin, European refining ($/t)** | |
---|---|---|---|---|---|
Fourth Quarter 2018 |
1.14 | 68.8 | 59.2 | 5.01 | 40.8 |
Third Quarter 2018 |
1.16 | 75.2 | 68.8 | 5.06 | 47.2 |
Second Quarter 2018 |
1.19 | 74.4 | 68.4 | 4.62 | 33.9 |
First Quarter 2018 |
1.23 | 66.8 | 60.0 | 4.79 | 29.8 |
* Sales in $ / sales in volume for consolidated subsidiaries (no longer including stock value variation).
** This indicator represents the average margin on variable costs realized by Total’s European refining business (equal to the difference between the sales of refined products realized by Total’s European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tonnes). The previous ERMI indicator was intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region.
Disclaimer: data is based on Total’s reporting and is not audited. To the extent permitted by law, TOTAL S.A. disclaims all liability from the use of the restated main indicators.
$/€ |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
European refining margins ERMI* ($/t)** | |
---|---|---|---|---|---|
Fourth Quarter 2017 | 1.18 | 61.3 | 57.6 | 4.23 | 35.5 |
Third Quarter 2017 | 1.17 | 52.1 | 48.9 | 4.05 | 48.2 |
Second Quarter 2017 |
1.10 | 49.6 | 45.1 | 3.93 | 41.0 |
First Quarter 2017 |
1.06 | 53.7 | 49.2 | 4.10 | 38.9 |
* European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. - The indicator margin may not be representative of the actual margins achieved by Total in any period because of Total's particular refinery configurations, product mix effects or other company-specific operating conditions.
** 1 $/t = 0.136 $/b
*** consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting / underlifting position valued at market price.
$/€ |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
European refining margins ERMI* ($/t)** | |
---|---|---|---|---|---|
Fourth Quarter 2016 |
1.08 | 49.3 | 46.1 | 3.89 | 41.0 |
Third Quarter 2016 |
1.12 | 45.9 | 41.4 | 3.45 | 25.5 |
Second Quarter 2016 |
1.13 | 45.6 | 43.0 | 3.43 | 35.0 |
First Quarter 2016 |
1.10 | 33.9 | 31.0 | 3.46 | 35.1 |
* European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. - The indicator margin may not be representative of the actual margins achieved by Total in any period because of Total's particular refinery configurations, product mix effects or other company-specific operating conditions.
** 1 $/t = 0.136 $/b
*** consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting / underlifting position valued at market price.
$/€ |
European refining margins ERMI* ($/t)** |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
|
---|---|---|---|---|---|
Fourth Quarter 2015 |
1.10 | 38.1 | 43.8 | 38.1 | 4.45 |
Third Quarter 2015 |
1.11 | 54.8 | 50.5 | 44.0 | 4.47 |
Second Quarter 2015 |
1.11 | 54.1 | 61.9 | 58.2 | 4.67 |
First Quarter 2015 |
1.13 | 47.1 | 53.9 | 49.5 | 5.38 |
$/€ |
European refining margins ERMI* ($/t)** |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
|
---|---|---|---|---|---|
Fourth Quarter 2014 |
1.25 | 27.6 | 76.6 | 61.7 | 6.29 |
Third Quarter 2014 |
1.33 | 29.9 | 101.9 | 94.0 | 6.40 |
Second Quarter 2014 |
1.37 | 10.9 | 109.7 | 103.0 | 6.52 |
First Quarter 2014 |
1.37 | 6.6 | 108.2 | 102.1 | 7.06 |
$/€ |
European refining margins ERMI* ($/t)** |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
|
---|---|---|---|---|---|
Fourth Quarter 2013 |
1.36 | 10.1 | 109.2 | 102.5 | 7.36 |
Third Quarter 2013 |
1.32 | 10.6 | 110.3 | 107.2 | 7.18 |
Second Quarter 2013 |
1.31 | 24.1 | 102.4 | 96.6 | 6.62 |
First Quarter 2013 |
1.32 | 26.9 | 112.6 | 106.7 | 7.31 |
$/€ |
European refining margins ERMI* ($/t)** |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
|
---|---|---|---|---|---|
Fourth Quarter 2012 |
1.30 | 33.9 | 110.1 | 106.4 | 6.94 |
Third Quarter 2012 |
1.25 | 51.0 | 109.5 | 107.6 | 6.0 |
Second Quarter 2012 |
1.28 | 38.2 | 108.3 | 101.6 | 7.10 |
First Quarter 2012 |
1.31 | 20.9 | 118.6 | 115.2 | 7.16 |
$/€ |
European refining margins ERMI* ($/t)** |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
|
---|---|---|---|---|---|
Fourth Quarter 2011 |
1.35 | 15.1 | 109.3 | 104.3 | 6.79 |
Third Quarter 2011 |
1.41 | 13.4 | 113.4 | 106.8 | 6.56 |
Second Quarter 2011 |
1.44 | 16.3 | 117.0 | 110.6 | 6.60 |
First Quarter 2011 |
1.37 | 24.6 | 105.4 | 99.5 | 6.19 |
$/€ |
European refining margins ERMI* ($/t)** |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
|
---|---|---|---|---|---|
Fourth Quarter 2010 |
1.36 | 32.3 | 86.5 | 83.7 | 5.62 |
Third Quarter 2010 |
1.29 | 16.4 | 76.9 | 72.8 | 5.13 |
Second Quarter 2010 |
1.27 | 31.2 | 78.2 | 74.8 | 4.82 |
First Quarter 2010 |
1.38 | 29.5 | 76.4 | 74.2 | 5.06 |
$/€ | European refining margins TRCV* ($/t)** |
European refining margins ERMI* ($/t)** |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
|
---|---|---|---|---|---|---|
Fourth Quarter 2009 |
1.48 | 5.7 | 11.7 | 74.5 | 70.6 | 5.07 |
Third Quarter 2009 |
1.43 | 6.6 | 12.0 | 68.1 | 65.1 | 4.89 |
Second Quarter 2009 |
1.36 | 12.4 | 17.1 | 59.1 | 54.8 | 4.71 |
First Quarter 2009 |
1.30 | 34.7 | 30.5 | 44.5 | 41.5 | 5.98 |
$/€ |
European refining margins ERMI* ($/t)** |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
|
---|---|---|---|---|---|
Fourth Quarter 2008 |
1.32 | 41.4 | 55.5 | 49.4 | 7.57 |
Third Quarter 2008 |
1.51 | 45.0 | 115.1 | 107.8 | 8.05 |
Second Quarter 2008 |
1.56 | 40.2 | 121.2 | 114.9 | 7.29 |
First Quarter 2008 |
1.50 | 24.6 | 96.7 | 90.7 | 6.67 |
$/€ |
European refining margins ERMI* ($/t)** |
Brent ($/b) |
Average liquids price*** ($/b) |
Average gas price*** ($/Mbtu) |
|
---|---|---|---|---|---|
Fourth Quarter 2007 |
1.45 | 30.1 | 88.5 | 84.5 | 6.08 |
Third Quarter 2007 |
1.37 | 23.9 | 74.7 | 71.4 | 4.83 |
Second Quarter 2007 |
1.35 | 42.8 | 68.8 | 65.7 | 4.94 |
First Quarter 2007 |
1.31 | 33.0 | 57.8 | 55.0 |
5.69 |
* European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. - The indicator margin may not be representative of the actual margins achieved by Total in any period because of Total's particular refinery configurations, product mix effects or other company-specific operating conditions.
** 1 $/t = 0.136 $/b
*** consolidated subsidiaries, excluding fixed margin.