Oil products price forecast update April 2023
This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2024 on a regional level. Our monthly ex-RVO Global Composite margin increased in March, driven by the Atlantic basin strength in gasoline, as the full transition to summer pricing spiked crack values. Improved US supply in April is offset by ongoing outages in Europe and Chinese refinery maintenance, maintaining tight balances and supporting global refining margins. For April we expect the global composite margin to increase further, with the summer peak reached in June, a downward revision of US$1.10/bbl from our previous monthly outlook.