Oil products price forecast mid-month update June 2023
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 2023 have been updated to reflect the oil price movements so far this month since our last update. Global refining margins have increased in the first few weeks of June supported by stronger Atlantic basin gasoline cracks and a recovery in European distillate cracks. Cracks have been supported by refinery outages and weather-related loading delays. Demand for gasoline in the US remains the key driver for Atlantic basin crude runs and margins, while China’s high crude runs and implied product stock builds could limit the upside to Asian refining margins in the near term if exports increase. The next full update to our prices and margins forecast will be published on 3 July 2023.