Oil products price forecast update August 2023

The excel files associated with this report provide an update to our short-term products prices and margins forecasts. Prices and margins for August 2023 have been updated to reflect the latest supply and demand changes in our balance forecast. Global refining margins increased almost US$2/bbl in July, driven by strong gasoline and middle distillate cracks in the Atlantic basin. The strong sour crude differentials have served to limit supplies of diesel despite high refinery run rates supported by summer gasoline demand strength. The strong middle distillate outlook is the prime driver of an upward revision to our forecast for global margins. The next update to our prices and margins forecast will be our mid-month update published on 16 August 2023.