Oil products price forecast update April 2022

This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2023 on a regional level. For this monthly update, we have kept our Brent price outlook unchanged from the March mid-month outlook. The next Brent forecast in the Macro Oils early April monthly update will reflect the latest supply and demand developments and a set of assumptions we are defining. Our monthly ex-RVO Global Composite margin rose in March, supported by the surge in distillate cracks and price collapse in Urals crude. We expect global margins to remain high through Q2 2022 as distillate and gasoline cracks remain supported by tight Atlantic basin balances. The next update to our prices and margins forecast will be our mid-month update published by close of business Tuesday 19 April.