Commodity Market Report
Oil products price forecast update February 2023
*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-2024 on a regional level. Our monthly ex-RVO Global Composite margin averaged US$14.66/bbl in January, US$5.58/bbl higher than in our previous monthly forecast, and US$1/bbl higher than in our mid-month update. In this outlook we have further increased our forecast for the global margin in February by US$4.71/bbl to US$14.64/bbl, with margins remaining elevated for longer on tight Atlantic basin balances. We expect global margins to average US$15.26/bbl in March and US$13.69/bbl in Q2 2023, increases of US$5.28/bbl and US$3.85/bbl, respectively.
Table of contents
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Global margins spike on Atlantic basin gasoline tightness
- Brent Price Outlook
- Key Changes to our prices and margins view
- Crude price and differential analysis
- Regional refining margin analysis
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What's included
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