Oil products price forecast update June 2022
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 marginally in May, the highest on record. We expect global margins to remain high through Q2 2022 as strong distillate cracks in Europe are required to draw cargoes to cover lower Russian flows. We expect global margins to lower through Q3 2022 as higher global refining utilisation and the emergence of new greenfield refining capacity rebalances global distillate and gasoline fundamentals.