Commodity Market Report
Oil products price forecast update November 2021
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2023 on a regional level. Global refining margins trended lower through the second half of October on the back of a sharp downward correction in fuel oil cracks and easing of middle distillate cracks on limited gas to oil switching. We expect the composite margin to decline in November as fuel oil cracks will weaken due to increasing global length. Our outlook for Q4 2021 sees global margins averaging nearly US$2.00/bbl above the 5-year average. The next update to our prices and margins forecast will be our mid-month update published by close of business Tuesday 16 November.
Table of contents
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Global gross refining margins remain supported through Q4 2021 on tight gasoline and distillate stocks
- Brent Price Outlook
- Key Changes to our prices and margins view
- Crude price and differential analysis
- Regional refining margin analysis
Tables and charts
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What's included
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