Oil products price forecast mid-month update August 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 August 2022 have been updated to reflect the oil price movements so far this month since our last update on 1 August. For this mid-month update, we have revised our monthly Brent price forecast to align with our Macro Oils Service short-term August outlook. Our monthly ex-RVO Global Composite margin fell in the first half of August. The drop in global refining margins took values to the lowest since the start of the war in Ukraine. US refiners continued to run at record post-pandemic utilisation rates, easing the global tightness in middle distillates. European hydroskimming margins returned to marginal levels given the decline in light and middle distillate cracks and higher OPEX costs associated with the high natural gas prices. The next full update to our prices and margins forecast will published on 1 September 2022.