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 January 2023 have been updated to reflect the oil price movements so far this month since our last update on 9 January. In the first few weeks of January, our monthly ex-RVO Global Composite margin increased from our January price forecast. Tighter Atlantic product balances have supported global prices, with European suppliers actively building stocks ahead of the embargo on Russian product imports at the start of next month. In Asia, sentiment drove cracks higher, anticipating a recovery in Chinese demand over the Lunar New year and beyond given the ending of travel restrictions. The next full update to our prices and margins forecast will be published on 1 February 2023.