Oil products price forecast mid-month update October 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 October 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 October. For this mid-month update we have revised our October monthly Brent price forecast to align with our Macro Oils Service short-term October Outlook. For Q4 2021 we see stronger prices to reflect the market sentiment of perceived tightness from fuel switching. Our monthly ex-RVO Global Composite margin increased in the first half of October to the highest monthly average in three years. Gasoline cracks in the Atlantic basin have remained seasonally high. Strong European and Asian distillate and fuel oil cracks have also added support. The next full update to our prices and margins forecast will published on 1 November 2021.