Commodity Market Report
Oil products price forecast update January 2022
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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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