Commodity Market Report
Oil products price forecast update April 2021
Report summary
Our monthly Global Composite margin increased US$0.67/bbl to US$2.77/bbl in March, the highest monthly average since April 2020. We expect the composite margin to ease slightly to US$2.42/bbl in April, before strength in light product demand will strengthen margins month-on-month through to the end of Q3 21, despite an overproduction of distillate capping further upside potential. This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2022 on a regional level. The next update to our prices and margins forecast will be our mid-month update published by close of business Friday 16 April.
Table of contents
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Global refining margin recovery supported by summer gasoline strength
- Brent price outlook
- Key Changes to our prices and margins view
- Crude price and differential analysis
- Regional refining margin analysis
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