Oil products price forecast mid-month update May 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 4 May. For this mid-month publication, we have not updated our Brent price outlook and will update this at the monthly point to align with our Macro Oils Service short-term Outlook. Our monthly Global Composite margin decreased US$0.28/bbl to US$3.93/bbl in the first half of May, as gasoline cracks weakened on rising refinery supply despite the Colonial pipeline outage. The next full update to our prices and margins forecast will published on June 1 2021.