Commodity Market Report
Oil products price forecast update July 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. Our monthly ex-RVO Global Composite margin rose US$3.70/bbl to US$29.85/bbl in June, as the continued strength in gasoline and diesel more than offset the sharp declines in naphtha and fuel oil cracks. We expect global margins to remain strong as Atlantic basin transportation fuel balances remain tight over the summer. With refinery supply essentially at a maximum, Europe and the US will continue to price strongly attract sufficient imports. We expect global margins to average US$24.25/bbl in Q3 2022
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