Oil products price forecast mid-month update December 2021

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 December 2021 have been updated to reflect the oil price movements so far this month since our last update on 1 December. We have revised our December monthly Brent price forecast to align with our Macro Oils Service short-term December outlook. Early signs are the new Omicron Covid variant is highly infectious, but with less severe outcomes. These signals support our assumption that Omicron’s impact on demand eases by end-Q1 2022. Our monthly ex-RVO Global Composite margin decreased marginally in the first half of December as gasoline and fuel oil cracks rebounded. Strong Asian naphtha and distillate cracks have also continued to provide additional support The next full update to our prices and margins forecast will published on 10 January 2022.