The excel files associated with this report provide an update to our short-term products prices and margins forecasts. Prices and margins for December 2023 have been updated to reflect the latest supply and demand changes in our balance forecast. Global refining margins appear to have settled near their floor for 2023, as refiners return from maintenance and global inventories begin to build headed into the new year. Downward revisions in our forecast for crude runs globally over the next several months will help to support product cracks, with extended maintenance and delays in new capacity startups helping to keep markets tight. The next update to our prices and margins forecast will be our mid-month update published on 15 December 2023.