Commodity Market Report

Oil products price forecast update May 2023

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This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2024 on a regional level. Global refining margins have crashed to 14-month lows in recent weeks as the supportive factors underpinning global diesel cracks have been priced out of the market. Our global refining composite margin now sits just US$0.3/bbl above the historic five-year average (excluding 2022) and is US$18/bbl lower than those witnessed at the end of April 2022. Gross refining margins for simpler refining configurations in both Asia and Europe are now borderline negative. This supports a downward revision to global crude runs in Q2 2023 and Q3 2023.

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  • Document

    Oil products price forecast update May 2023

    PDF 755.52 KB

  • Document

    Short Term Pricing MED May23.xls

    XLS 1.98 MB

  • Document

    Short Term Pricing MEG May23.xls

    XLS 1.79 MB

  • Document

    Short Term Pricing NWE May23.xls

    XLS 2.42 MB

  • Document

    Short Term Pricing NYH May23.xls

    XLS 1.35 MB

  • Document

    Short Term Pricing Spore May23.xls

    XLS 2.05 MB

  • Document

    Short Term Pricing US Midcon May23.xls

    XLS 1.68 MB

  • Document

    Short Term Pricing USGC May23.xls

    XLS 2.38 MB