Commodity Market Report
Oil products price forecast update August 2022
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2023 on a regional level. Our monthly ex-RVO Global Composite margin fell US$15.00/bbl in July as fears increased of demand destruction as recessionary pressures grew and the high outright prices reduced transportation fuel demand in the US and Europe. Atlantic basin refinery supply remained high and further pressured product balances in the western hemisphere adding to the downward pressure on refinery margin values. Global margins are forecast to continue falling into Q4 2022 as gasoline cracks weaken on a growing supply overhang in the Atlantic basin.
Table of contents
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July margins crash on US gasoline weakness but Q1 2023 distillate cracks likely to spike on EU ban implementation
- Brent Price Outlook
- Key Changes to our prices and margins view
- Crude price and differential analysis
- Regional refining margin analysis
Tables and charts
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What's included
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