Commodity Market Report
Oil products price forecast mid-month update August 2020
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
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 August 2020 have been updated to reflect the oil price movements so far this month. These changes reflect recent data releases and major market developments since our last update on 3 August. We have made no revision to our Brent price outlook for this mid-month update and will provide a revised outlook based on a full supply / demand balance analysis during the monthly price update. Our global composite refining margin decreased to US$0.04/bbl in August. The weakening margin indicated demand recovery has plateaued despite refinery runs continuing to lag demand recovery. We expect the global composite to remain weak through September as increasing localised lockdowns further stalls the recovery in oil demand and refining margins. The next full update to our prices and margins forecast will published by close Tuesday 1 September.
Table of contents
- Global refining margins weaken as economic recovery plateaus
- Regional refining margin analysis
Tables and charts
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What's included
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