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Oil product markets: what to look for in 2015

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29 January 2015

Oil product markets: what to look for in 2015

Report summary

Many refiners continued to struggle with low margins for much of 2014 due to weak demand and surplus distillation capacity. Later in the year, margins strengthened due to falling crude prices. We expect that margins will remain relatively strong in early 2015 but will weaken later as the surplus of crude is converted into a surplus of product. The recent strength in refining margins has provided a reprieve for some refiners but this reprieve could be only temporary.

Table of contents

  • Introduction
    • Review of 2014:
      • Crude prices and differentials
      • Gross refining margins
      • Products demand, stocks and trade
      • Crack spreads
      • Refining capacity
      • Crude runs
    • Outlook for 2015:
      • Crude prices and differentials
      • Crude runs
      • Product supply/demand/stocks
      • Crack spreads
      • Gross refining margins
      • Refining capacity
      • North America
        • Review of 2014:
          • Crude prices and differentials
          • Gross refining margins
          • Products demand, stocks and trade
          • Crack spreads
          • Refining capacity
          • Crude runs
        • Outlook for 2015:
          • Crude prices and differentials
          • Capacity changes
          • Crude runs
          • Product supply/demand/stocks
          • Crack spreads
          • Gross refining margins
          • Asia Pacific
            • Review of 2014:
              • Crude prices and differentials
              • Refining capacity
              • Crude runs
              • Product supply/demand/stocks
              • Crack spreads
              • Gross refining margins
            • Outlook for 2015:
              • Crude prices and differentials
              • Capacity changes
              • Crude runs
              • Product supply/demand/stocks
              • Crack spreads
              • Gross refining margins
              • Other regions
              • Conclusion

Tables and charts

This report includes 8 images and tables including:

  • Selected benchmark gross refining margins
  • Dated Brent crude price forecast
  • Cumulative refinery capacity closures and reductions
  • Refining margin for FCC Brent in NW Europe
  • Forecast US crude price differentials to Brent
  • Refining margin for FCC LLS in USGC
  • Crude throughputs in Asia
  • Oil product markets: what to look for in 2015: Image 8

What's included

This report contains:

  • Document

    Oil product markets: what to look for in 2015

    PDF 319.83 KB

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