Oil products price forecast mid-month update June 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 May 2021 have been updated to reflect the oil price movements so far this month. These changes reflect recent data releases and major market developments since our last update on 1 June. For this mid-month update we have revised our 2021 Brent price up to align with our Macro Oils Service short-term June Outlook. Our monthly ex-RVO Global Composite margin decreased US$0.48/bbl to US$1.25/bbl in the first half of June. Tighter crude markets in the last two weeks have pressured margins and globally gasoline cracks have eased after the EIA data reported large stock increases in the US. The next full update to our prices and margins forecast will published on July 1 2021.