Commodity Market Report
Oil products price forecast update July 2024
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The excel files associated with this report provide an update to our short-term products prices and margins forecasts. Prices and margins for July 2024 have been updated to reflect the latest supply and demand changes in our balance forecast, along with the roll-out of our 2026 outlook. In June, middle distillate cracks sustained some support due to year-on-year growth in the US from the trucking sector for the first time in 18 months and a draw in Singapore distillate stocks saw inventories fall to a four-month low. However, the global diesel market outlook remains bearish going into summer, given mounting supplies and weak demand growth. Europe remains a key importer of diesel, with June imports increasing to 1.1 million b/d. Meanwhile gasoline cracks have slipped as a bearish demand outlook remains in the Atlantic Basin.
Table of contents
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Diesel finds a floor as refining margins stabilise
- Brent price outlook
- Key changes to our view on prices and margins
- Market drivers to watch:
- Crude price and differential analysis
- Regional refining margin analysis
Tables and charts
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What's included
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