Oil products price forecast mid-month update June 2020 Report

Commodity Market Report 15 June 2020

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*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 June 2020 have been updated to reflect the oil price movements so far this month and we have made changes to our monthly forecasts for 2020 and 2021. These changes reflect recent data releases and major market developments since our last update on 1 June. Our global composite refining margin remains negative at US$-0.74/bbl in June, despite signs of recovery on strengthening gasoline and middle distillate cracks. The composite remains US$3.21/bbl below the five-year low. Dubai refining margins in Singapore are leading the global margin recovery as increased economic activity in Asia Pacific and deep crude run cuts support cracks, but narrow crude differentials add downside risk. The next full update to our prices and margins forecast will published by close of business Wednesday 1 July.