Oil products price forecast mid-month update April 2023

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 2023 have been updated to reflect the oil price movements so far this month since our last update on 3 April. Our monthly ex-RVO Global Composite margin decreased in the first half of April, as a sharp fall in middle distillate cracks weighed on margins in all regions, as European refinery supply was boosted by the return of French refinery production following the strikes, while US supply recovered as seasonal maintenance waned. Asian balances remain long in the absence of a significant recovery in demand, adding to the global supply glut. The next full update to our prices and margins forecast will be published on 2 May 2023.