Commodity Market Report
Oil products price forecast update July 2020
*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-2021 on a regional level. Our global composite refining margin strengthened slightly but remained negative in June. The poor refining margins reflected the continued weakness in middle distillate cracks in Europe and the US despite the emerging support for gasoline, as high product inventories weighed heavily on margins. We expect the global composite to strengthen through July as light ends lead the recovery in global cracks, but the large distillate stock overhang provides a ceiling to global margins. The next update to our prices and margins forecast will be our mid-month update published by close of business Thursday 16 July.
Table of contents
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Distillate overhang caps global refining margins
- Regional refining margin analysis
Tables and charts
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What's included
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