Oil products price forecast mid-month update July 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 July 2022 have been updated to reflect the oil price movements so far this month since our last update on 1 July. For this mid-month update, we have revised our monthly Brent price forecast to align with our Macro Oils Service short-term July outlook. Our monthly ex-RVO Global Composite margin fell in the first few weeks of July. Global refining margins weakened on fears of lower demand and rising refining utilisation rates. Sharp losses in global middle distillates and high sulpur fuel oil cracks drove the week-on-week collapse in margins. While global margins remain historically strong, they are expected to ease later this year as additional refining capacity comes onstream. The next full update to our prices and margins forecast will published on 1 August 2022.