Oil products price forecast mid-month update March 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 March 2022 have been updated to reflect the oil price movements so far this month since our last update on 1 March. For this mid-month update, we have revised our March monthly Brent price forecast to align with our Macro Oils Service short-term March outlook. The price forecast has been revised upward to reflect the risk premium which developed as a result of the sanctions imposed on Russia in early March. Our monthly ex-RVO Global Composite margin increased in the first half of March as distillate cracks strengthened. With distillate balances very tight across the globe, we expect to see higher US and ex-China Asian crude runs, supporting strong refining margins and high outright crude and product prices through Q2 2022 The next full update to our prices and margins forecast will published on 1 April 2022.