Global product markets short-term outlook May 2019

This monthly update incorporates all of the regional price forecasts and differentials, crude runs, refining margins and product-by-product supply-demand balances through to end-2020. We have created four global commodity market reports: -Global refining -Global light ends & gasoline -Global middle distillate -Global fuel oil. In this update we include an Excel download which shows our global balance. This is a sum of the regional balances and provides a view of global demand and supply by product along with stock forecasts and a net trade forecast that indicates where imbalances in our regional forecasts exist.