This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2022 on a regional level. Our monthly Global Composite margin decreased US$0.61/bbl to US$3.59/bbl in May as global gasoline cracks weakened from recent highs. We expect the composite margin to ease from current levels to US$3.00/bbl in June, as supply in the Atlantic Basin continues to outpace demand recovery and Asian demand remains under pressure. Our outlook for Q3 2021 sees global margins averaging below US$4.00/bbl, with values peaking in August as demand steadily recovers over the summer. The next update to our prices and margins forecast will be our mid-month update published by close of business Wednesday 16 June.