Commodity Market Report
Oil products price forecast update January 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. For this update we have revised our H1 2022 monthly Brent price forecast to reflect the current impact of the geopolitical risk premium. Our near-term refining outlook is more positive than the December monthly view, given market sentiment is now pricing in a limited impact of the Omicron variant and global distillate and gasoline balances are tighter than previously forecast. We expect the composite margin to remain supported in January. Diesel/gasoil cracks will continue to strengthen despite slightly weaker gasoline cracks in the near term. The next update to our prices and margins forecast will be our mid-month update published by close of business Monday 17 January.
Table of contents
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2022 global margins off to a bang as tight product inventories and limited Omicron impact supports Q1 outlook
- 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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