Commodity Market Report
Oil products price forecast update May 2023
Report summary
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.
Table of contents
-
Global margins revert to historical levels on higher Russian supply and distillate weakness
- 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
This report contains:
Other reports you may be interested in
Commodity Market Report
Oil products price forecast update April 2024
Short-term oil products prices and margins forecast.
$1,900
Commodity Market Report
Oil products price forecast update March 2024
Short-term oil products prices and margins forecast.
$1,900
Commodity Market Report
Oil products price forecast mid-month update April 2024
Mid-month update to our short-term oil products prices and margins forecast.
$1,900
