Commodity Market Report
Oil products price forecast update July 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-2025 on a regional level. Our monthly ex-RVO Global Composite margin increased in June, supported by across-the-barrel strength in the Atlantic basin, except for naphtha. We expect global average margins to have already reached the seasonal peak in June. Faltering demand and higher refinery supply, following an active and prolonged maintenance season in Europe and China, are forecast to pressure margins in the coming months. We expect the global composite margin to fall month on month from July to the end of the year.
Table of contents
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Is there any gasoline left in the tank for summer margins?
- Brent Price Outlook
- Key changes to our view
- Crude price and differential analysis
- Regional refining margin analysis
Tables and charts
No table or charts specified
What's included
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