Oil products price forecast mid-month update April 2022

The excel files associated with this report provide a mid-month update to our short-term products prices and margins forecasts. Prices and margins for April 2022 have been updated to reflect the oil price movements so far this month since our last update on 1 April. For this mid-month update, we have retained our April monthly Brent price forecast to align with our Macro Oils Service short-term April outlook. Our monthly ex-RVO Global Composite margin increased in the first half of April as distillate and jet cracks soared and Urals crude remained at over US$35/bbl discount to North Sea Dated Brent. We expect global margins to remain high, as distillate and gasoline cracks remain supported by tight Atlantic basin balances and increased supply risks. The next full update to our prices and margins forecast will published on 3 May 2022.